GREAT SOUTHERN BANCORP, INC.

June 30,

December 31,

(In Thousands)

Mortgage-backed securities – GNMA, FNMA, FHLMC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0-18082

GREAT SOUTHERN BANCORP, INC.

(Exact name of registrant as specified in its charter)

Maryland		43-1524856
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1451 E. Battlefield, Springfield, Missouri		65804
(Address of principal executive offices)		(Zip Code)

(417) 887-4400
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock,
par value $0.01 per share	GSBC	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares outstanding of each of the registrant’s classes of common stock: 10,897,507 shares of common stock, par value $.01 per share, outstanding at August 5, 2026.

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Number of Share Data)


		JUNE 30,			DECEMBER 31,
		2026			2025

		(Unaudited)
ASSETS
Cash		$	97,200		$	109,833
Interest-bearing deposits in other financial institutions			82,781			79,721
Cash and cash equivalents			179,981			189,554

Available-for-sale securities			503,795			523,831
Held-to-maturity securities			175,264			179,200
Mortgage loans held for sale			7,868			6,838
Loans receivable, net of allowance for credit losses of $63,965 – June 2026; $64,771 – December 2025			4,307,712			4,356,853
Interest receivable			18,467			18,068
Prepaid expenses and other assets			123,005			128,615
Other real estate owned and repossessions, net			8,360			6,036
Premises and equipment, net			132,838			133,257
Goodwill and other intangible assets			9,444			9,660
Federal Home Loan Bank stock and other interest-earning assets			27,414			20,079
Current and deferred income taxes			28,676			26,615
Total Assets		$	5,522,824		$	5,598,606

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits		$	4,302,067		$	4,482,774
Securities sold under reverse repurchase agreements with customers			39,913			48,467
Short-term borrowings and other interest-bearing liabilities			445,560			330,928
Subordinated debentures issued to capital trust			25,774			25,774
Accrued interest payable			3,080			3,612
Advances from borrowers for taxes and insurance			10,283			5,781
Accounts payable and accrued expenses			46,925			56,596
Liability for unfunded commitments			7,625			8,548
Total Liabilities			4,881,227			4,962,480

Stockholders’ Equity:
Capital stock
Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding June 2026 and December 2025 - - 0 - shares			—			—
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2026 – 10,884,444 shares; December 2025 – 11,062,252 shares			83			111
Additional paid-in capital			59,278			54,120
Retained earnings			619,960			614,095
Accumulated other comprehensive loss			(37,724)			(32,200)
Total Stockholders’ Equity			641,597			636,126

Total Liabilities and Stockholders’ Equity		$	5,522,824		$	5,598,606

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)


		THREE MONTHS ENDED
		JUNE 30,
		2026			2025

		(Unaudited)
INTEREST INCOME
Loans		$	65,686		$	73,830
Investment securities and other			6,775			7,145
TOTAL INTEREST INCOME			72,461			80,975

INTEREST EXPENSE
Deposits			17,861			24,368
Securities sold under reverse repurchase agreements			133			372
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities			4,620			3,974
Subordinated debentures issued to capital trust			354			389
Subordinated notes			—			909
TOTAL INTEREST EXPENSE			22,968			30,012

NET INTEREST INCOME			49,493			50,963
PROVISION FOR CREDIT LOSSES ON LOANS			—			—
PROVISION (CREDIT) FOR LOSSES ON UNFUNDED COMMITMENTS			8			(110)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND PROVISION (CREDIT) FOR LOSSES ON UNFUNDED COMMITMENTS			49,485			51,073

NON-INTEREST INCOME
Commissions			641			411
Overdraft and insufficient funds fees			1,248			1,266
Point-Of-Sale and ATM fee income and service charges			3,392			3,444
Net gains on loan sales			795			893
Late charges and fees on loans			305			340
Gain (Loss) on derivative interest rate products			5			(28)
Other income			989			1,886
TOTAL NON-INTEREST INCOME			7,375			8,212

NON-INTEREST EXPENSE
Salaries and employee benefits			20,691			20,005
Net occupancy and equipment expense			10,683			8,435
Postage			889			825
Insurance			1,099			1,095
Advertising			836			705
Office supplies and printing			197			238
Telephone			705			705
Legal, audit and other professional fees			967			929
Expense (income) on other real estate and repossessions, net			(85)			(168)
Intangible asset amortization			108			108
Other operating expenses			2,132			2,128
TOTAL NON-INTEREST EXPENSE			38,222			35,005

INCOME BEFORE INCOME TAXES			18,638			24,280
PROVISION FOR INCOME TAXES			2,843			4,494
NET INCOME		$	15,795		$	19,786

Basic Earnings Per Common Share		$	1.45		$	1.73
Diluted Earnings Per Common Share		$	1.43		$	1.72

Dividends Declared Per Common Share		$	0.43		$	0.40

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)


		SIX MONTHS ENDED
		JUNE 30,
		2026			2025

		(Unaudited)
INTEREST INCOME
Loans		$	130,346		$	146,901
Investment securities and other			13,280			14,317
TOTAL INTEREST INCOME			143,626			161,218

INTEREST EXPENSE
Deposits			36,198			48,968
Securities sold under reverse repurchase agreements			229			743
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities			8,682			8,424
Subordinated debentures issued to capital trust			696			771
Subordinated notes			—			2,015
TOTAL INTEREST EXPENSE			45,805			60,921

NET INTEREST INCOME			97,821			100,297
PROVISION FOR CREDIT LOSSES ON LOANS			—			—
PROVISION (CREDIT) FOR LOSSES ON UNFUNDED COMMITMENTS			(923)			(458)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND PROVISION (CREDIT) FOR LOSSES ON UNFUNDED COMMITMENTS			98,744			100,755

NON-INTEREST INCOME
Commissions			1,256			673
Overdraft and insufficient funds fees			2,479			2,481
Point-Of-Sale and ATM fee income and service charges			6,493			6,678
Net gains on loan sales			1,514			1,494
Late charges and fees on loans			441			583
Gain (Loss) on derivative interest rate products			3			(52)
Other income			2,218			2,945
TOTAL NON-INTEREST INCOME			14,404			14,802

NON-INTEREST EXPENSE
Salaries and employee benefits			40,762			40,134
Net occupancy and equipment expense			19,547			16,968
Postage			1,814			1,756
Insurance			2,171			2,260
Advertising			1,208			995
Office supplies and printing			419			504
Telephone			1,390			1,411
Legal, audit and other professional fees			1,657			1,967
Expense (income) on other real estate and repossessions, net			(31)			(238)
Intangible asset amortization			216			216
Other operating expenses			3,861			3,854
TOTAL NON-INTEREST EXPENSE			73,014			69,827

INCOME BEFORE INCOME TAXES			40,134			45,730
PROVISION FOR INCOME TAXES			6,863			8,784
NET INCOME		$	33,271		$	36,946

Basic Earnings Per Common Share		$	3.04		$	3.20
Diluted Earnings Per Common Share		$	2.99		$	3.18

Dividends Declared Per Common Share		$	0.86		$	0.80

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands)


		THREE MONTHS ENDED
		JUNE 30,
		2026			2025

		(Unaudited)
Net Income		$	15,795		$	19,786

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(380) and $577, for 2026 and 2025, respectively			(1,164)			1,770

Unrealized loss on securities transferred to held-to-maturity, net of credit of $(11) and $(17) for 2026 and 2025, respectively			(33)			(54)

Amortization of realized loss on termination of cash flow hedge, net of credit of $-0- and $(463), for 2026 and 2025, respectively			—			(1,562)

Change in value of active cash flow hedges, net of taxes (credit) of $(450) and $872 for 2026 and 2025, respectively			(1,378)			2,671

Comprehensive Income		$	13,220		$	22,611


		SIX MONTHS ENDED
		JUNE 30,
		2026			2025

		(Unaudited)
Net Income		$	33,271		$	36,946

Unrealized appreciation (depreciation) on available-for-sale securities, net of taxes (credit) of $(877) and $3,067, for 2026 and 2025, respectively			(2,683)			9,403

Unrealized loss on securities transferred to held-to-maturity, net of credit of $(24) and $(32) for 2026 and 2025, respectively			(73)			(98)

Amortization of realized loss on termination of cash flow hedge, net of credit of $-0- and $(920), for 2026 and 2025, respectively			—			(3,108)

Change in value of active cash flow hedges, net of taxes (credit) of $(903) and $2,236 for 2026 and 2025, respectively			(2,768)			6,852

Comprehensive Income		$	27,747		$	49,995

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data)


		THREE MONTHS ENDED JUNE 30, 2026
											Accumulated
											Other
		Common			Additional			Retained			Comprehensive			Treasury
		Stock			Paid-in Capital			Earnings			Income (Loss)			Stock			Total

		(Unaudited)
Balance, March 31, 2026		$	83		$	56,126		$	612,570		$	(35,149)		$	—		$	633,630
Net income			—			—			15,795			—			—			15,795
Stock issued under Stock Option Plan			—			3,152			—			—			4,125			7,277
Common cash dividends declared, $0.43 per share			—			—			(4,680)			—			—			(4,680)
Change in fair value of cash flow hedges			—			—			—			(1,378)			—			(1,378)
Change in fair value of held-to-maturity securities			—			—			—			(33)			—			(33)
Change in fair value of available-for-sale securities			—			—			—			(1,164)			—			(1,164)
Repurchase of the Company’s common stock			—			—			—			—			(7,850)			(7,850)
Reclassification of treasury stock per Maryland law			—			—			(3,725)			—			3,725			—
Balance, June 30, 2026		$	83		$	59,278		$	619,960		$	(37,724)		$	—		$	641,597


		THREE MONTHS ENDED JUNE 30, 2025
											Accumulated
											Other
		Common			Additional			Retained			Comprehensive			Treasury
		Stock			Paid-in Capital			Earnings			Income (Loss)			Stock			Total

		(Unaudited)
Balance, March 31, 2025		$	116		$	51,076		$	606,239		$	(44,138)		$	—		$	613,293
Net income			—			—			19,786			—			—			19,786
Stock issued under Stock Option Plan			—			570			—			—			246			816
Common cash dividends declared, $0.40 per share			—			—			(4,559)			—			—			(4,559)
Change in fair value of cash flow hedges			—			—			—			1,109			—			1,109
Change in fair value of held-to-maturity securities			—			—			—			(54)			—			(54)
Change in fair value of available-for-sale securities			—			—			—			1,770			—			1,770
Repurchase of the Company’s common stock			—			—			—			—			(9,793)			(9,793)
Reclassification of treasury stock per Maryland law			(2)			—			(9,545)			—			9,547			—
Balance, June 30, 2025		$	114		$	51,646		$	611,921		$	(41,313)		$	—		$	622,368

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data)


		SIX MONTHS ENDED JUNE 30, 2026
											Accumulated
											Other
		Common			Additional			Retained			Comprehensive			Treasury
		Stock			Paid-in Capital			Earnings			Income (Loss)			Stock			Total

		(Unaudited)
Balance, January 1, 2026		$	111		$	54,120		$	614,095		$	(32,200)		$	—		$	636,126
Net income			—			—			33,271			—			—			33,271
Stock issued under Stock Option Plan			—			5,158			—			—			6,697			11,855
Common cash dividends declared, $0.86 per share			—			—			(9,360)			—			—			(9,360)
Change in fair value of cash flow hedges			—			—			—			(2,768)			—			(2,768)
Change in fair value of held-to-maturity securities			—			—			—			(73)			—			(73)
Change in fair value of available-for-sale securities			—			—			—			(2,683)			—			(2,683)
Repurchase of the Company’s common stock			—			—			—			—			(24,771)			(24,771)
Reclassification of treasury stock per Maryland law			(28)			—			(18,046)			—			18,074			—
Balance, June 30, 2026		$	83		$	59,278		$	619,960		$	(37,724)		$	—		$	641,597


		SIX MONTHS ENDED JUNE 30, 2025
											Accumulated
											Other
		Common			Additional			Retained			Comprehensive			Treasury
		Stock			Paid-in Capital			Earnings			Income (Loss)			Stock			Total

		(Unaudited)
Balance, January 1, 2025		$	117		$	50,336		$	603,477		$	(54,362)		$	—		$	599,568
Net income			—			—			36,946			—			—			36,946
Stock issued under Stock Option Plan			—			1,310			—			—			687			1,997
Common cash dividends declared, $0.80 per share			—			—			(9,185)			—			—			(9,185)
Change in fair value of cash flow hedges			—			—			—			3,744			—			3,744
Change in fair value of held-to-maturity securities			—			—			—			(98)			—			(98)
Change in fair value of available-for-sale securities			—			—			—			9,403			—			9,403
Repurchase of the Company’s common stock			—			—			—			—			(20,007)			(20,007)
Reclassification of treasury stock per Maryland law			(3)			—			(19,317)			—			19,320			—
Balance, June 30, 2025		$	114		$	51,646		$	611,921		$	(41,313)		$	—		$	622,368

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)


		SIX MONTHS ENDED
		JUNE 30,
		2026			2025

		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	33,271		$	36,946
Proceeds from sales of loans held for sale			70,114			70,978
Originations of loans held for sale			(68,968)			(67,720)
Items not requiring (providing) cash:
Depreciation			4,344			3,950
Amortization			224			267
Compensation expense for stock option grants			988			912
Provision for credit losses on loans			—			—
Provision (credit) for unfunded commitments			(923)			(458)
Net gain on loan sales			(1,514)			(1,494)
Net gain on sale of premises and equipment			(37)			(29)
Impairment on premises and equipment			1,389			—
Net (gain) loss on sale/write-down of other real estate owned and repossessions			(57)			5
Accretion of deferred income, premiums, discounts and other			(2,604)			(7,478)
Loss (gain) on derivative interest rate products			(3)			52
Deferred income taxes			(2,672)			(277)
Changes in:
Interest receivable			(399)			(214)
Prepaid expenses and other assets			4,363			1,142
Accrued expenses and other liabilities			(12,603)			18,021
Income taxes refundable/payable			2,413			(295)
Net cash provided by operating activities			27,326			54,308

CASH FLOWS FROM INVESTING ACTIVITIES
Net change in loans			47,353			157,762
Purchase of premises and equipment			(4,734)			(6,329)
Proceeds from sale of premises and equipment			105			33
Proceeds from sale of other real estate owned and repossessions			789			37
Capitalized costs on real estate owned			(582)			—
Proceeds from maturities and calls of available-for-sale securities			18			1,617
Principal reductions on mortgage-backed securities			21,555			28,100
Purchase of available-for-sale securities			—			(5,951)
Investment in tax credit partnerships			(596)			(9,003)
Redemption (purchase) of Federal Home Loan Bank stock and change in other interest-earning assets			(7,335)			4,678
Net cash provided by investing activities			56,573			170,944

CASH FLOWS FROM FINANCING ACTIVITIES
Net decrease in certificates of deposit			(36,934)			(18,141)
Net increase (decrease) in checking and savings deposits			(55,983)			35,459
Net increase (decrease) in brokered deposits			(87,790)			61,259
Net increase in short-term borrowings			106,078			26,018
Repayment of borrowing under Federal Reserve Bank Term Funding Program			—			(180,000)
Redemption of subordinated notes			—			(75,000)
Advances from borrowers for taxes and insurance			4,502			3,550
Repurchases of the Company’s common stock			(24,771)			(20,007)
Dividends paid			(9,441)			(9,318)
Stock options exercised			10,867			1,085
Net cash used in financing activities			(93,472)			(175,095)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(9,573)			50,157
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			189,554			195,756
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	179,981		$	245,913

See Notes to Consolidated Financial Statements

GREAT SOUTHERN BANCORP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of Great Southern Bancorp, Inc. (the “Company,” “GSBC” or “Great Southern”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The financial statements presented herein reflect all adjustments which are, in the opinion of management, necessary to fairly present the financial condition, results of operations, changes in stockholders’ equity and cash flows of the Company as of the dates and for the periods presented. Those adjustments consist only of normal recurring adjustments. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year. The consolidated statement of financial condition of the Company as of December 31, 2025, has been derived from the audited consolidated statement of financial condition of the Company as of that date.

Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”).

Principles of Consolidation

The consolidated financial statements include the accounts of GSBC, its wholly owned subsidiary, Great Southern Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Great Southern Real Estate Development Corporation, GSB One LLC (including its wholly owned subsidiary, GSB Two LLC), Great Southern Community Development Company, LLC (including its wholly owned subsidiary, Great Southern CDE, LLC), GS, LLC, GSSC, LLC, GSTC Investments, LLC, GS-RE Holding, LLC (including its wholly owned subsidiary, GS RE Management, LLC), GS-RE Holding II, LLC, and GS-RE Holding III, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Prior period consolidated financial statements are reclassified where necessary to conform to the current period presentation.

NOTE 2: NATURE OF OPERATIONS AND OPERATING SEGMENTS

GSBC operates as a one-bank holding company. GSBC’s business primarily consists of the operations of the Bank, which provides a full range of financial services to customers primarily located in Missouri, Iowa, Kansas, Minnesota, Nebraska and Arkansas. The Bank also originates commercial loans from lending offices in Atlanta; Charlotte, North Carolina; Chicago; Dallas; Denver; Omaha, Nebraska; and Phoenix. GSBC and the Bank are subject to regulation by certain federal and state agencies and undergo periodic examinations by those regulatory agencies.

The Company’s banking operation is its only reportable segment. The banking operation is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others. The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. Selected information is not presented separately for the Company’s reportable segment, as there is no material difference between that information and the corresponding information in the consolidated financial statements.

NOTE 3: RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is focused on additional income tax disclosures and requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 became effective for the Company beginning with the fiscal year ended December 31, 2025 and did not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for us, on a prospective basis, for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, although early adoption and retrospective application is permitted. ASU 2024-03 is currently not expected to have a material impact on the Company’s consolidated financial statements but will impact disclosures.

In November 2025, the FASB issued ASU No. 2025-08, Financial Instruments – Credit Losses (Topic 326): Purchased Loans. ASU 2025-08 expands the scope of the “gross up” method, formerly applicable only to purchased credit-deteriorated (PCD) assets, to include acquired non-PCD loans that meet certain criteria, now referred to as “purchased seasoned loans” (PSLs). Under this ASU, an allowance for expected credit losses is recognized at acquisition, offsetting the loan’s amortized cost basis, thereby eliminating the day-one credit-loss expense previously required for non-PCD assets. PSLs are defined as non-PCD loans acquired either (1) through a business combination, or (2) purchased more than 90 days after origination when the acquirer was not involved in origination. ASU 2025-08 is effective for us, on a prospective basis for loans acquired on or after the adoption date, for interim and annual reporting periods beginning in 2027, though early adoption is permitted. ASU 2025-08 is not expected to have a significant impact on the Company’s consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. ASU 2025-09 amends ASC 815 to align hedge accounting more closely with an entity’s economic risk management practices. Key amendments (1) allow designating a variable price component of a nonfinancial forecasted purchase or sale as the hedged risk, (2) allow grouping individual forecasted transactions with similar (not identical) risk exposures, (3) include a new model for hedging forecasted interest on variable-rate debt, enabling changes in index or tenor without designation, subject to simplifying assumptions, and (4) provide additional clarifications related to hedge accounting of nonfinancial components, net written options, and dual-hedge strategies. ASU 2025-09 is effective for us beginning in 2027, though early adoption is permitted. ASU 2025-09 is not expected to have a significant impact on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies and enhances guidance under ASC 270 on interim financial reporting by (1) clarifying the scope of ASC 270 such that it now explicitly applies only to entities that issue complete interim financial statements and related notes under U.S. GAAP, (2) establishing clear guidance on the form of interim statements and notes, incorporating a comprehensive list of required interim disclosures, and (3) introducing a requirement to disclose material events and changes occurring after the end of the last annual period that could impact interim results. ASU 2025-11 is effective for us for interim periods beginning in 2028, though early adoption is permitted. ASU 2025-11 is not expected to have a significant impact on the Company’s consolidated financial statements.

NOTE 4: EARNINGS PER SHARE


		Three Months Ended June 30,
		2026			2025

		(In Thousands, Except Per Share Data)
Basic:
Average common shares outstanding			10,879			11,464
Net income		$	15,795		$	19,786
Per common share amount		$	1.45		$	1.73

Diluted:
Average common shares outstanding			10,879			11,464
Net effect of dilutive stock options – based on the treasury stock method using average market price			193			53
Diluted common shares			11,072			11,517
Net income		$	15,795		$	19,786
Per common share amount		$	1.43		$	1.72


		Six Months Ended June 30,
		2026			2025

		(In Thousands, Except Per Share Data)
Basic:
Average common shares outstanding			10,933			11,551
Net income		$	33,271		$	36,946
Per common share amount		$	3.04		$	3.20

Diluted:
Average common shares outstanding			10,933			11,551
Net effect of dilutive stock options – based on the treasury stock method using average market price			193			53
Diluted common shares			11,126			11,604
Net income		$	33,271		$	36,946
Per common share amount		$	2.99		$	3.18

Options outstanding at June 30, 2026 and 2025, to purchase 2,000 and 835,549 shares of common stock, respectively, were not included in the computation of diluted earnings per common share for each of the three- and six-month periods then ended because the exercise prices of such options were greater than the average market price of the common stock for the three- and six-months ended June 30, 2026 and 2025, respectively.

NOTE 5: INVESTMENT SECURITIES

Available-for-sale securities (“AFS”), which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Realized gains and losses, based on the specifically identified amortized cost of the individual security, are included in non-interest income. Unrealized gains and losses are recorded, net of related income tax effects, in stockholders’ equity. Premiums and discounts are amortized and accreted, respectively, to interest income over the estimated life of the security. Prepayments are anticipated for certain mortgage-backed and Small Business Administration (SBA) securities. Premiums on callable securities are amortized to their earliest call date.

Held-to-maturity securities (“HTM”), which include any security for which the Company has both the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income over the security’s estimated life. Prepayments are anticipated for certain mortgage-backed securities. Premiums on callable securities are amortized to their earliest call date.

The amortized cost and fair values of securities were as follows at the dates indicated:


		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value

		(In Thousands)
AVAILABLE-FOR-SALE SECURITIES:
Agency mortgage-backed securities		$	314,248		$	134		$	27,248		$	287,134
Agency collateralized mortgage obligations			118,678			267			6,114			112,831
States and political subdivisions			53,102			88			1,495			51,695
Small Business Administration securities			57,926			—			5,791			52,135
		$	543,954		$	489		$	40,648		$	503,795


	June 30, 2026
					Amortized		Gross		Gross
	Amortized		Fair Value		Carrying		Unrealized		Unrealized		Fair
	Cost		Adjustment		Value		Gains		Losses		Value

	(In Thousands)
HELD-TO-MATURITY SECURITIES:
Agency mortgage-backed securities	$	69,051	$	1,045	$	70,096	$	—	$	5,997	$	64,099
Agency collateralized mortgage obligations		100,761		(1,691)		99,070		—		10,980		88,090
States and political subdivisions		6,066		32		6,098		—		415		5,683
	$	175,878	$	(614)	$	175,264	$	—	$	17,392	$	157,872


		December 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value

		(In Thousands)
AVAILABLE-FOR-SALE SECURITIES:
Agency mortgage-backed securities		$	325,618		$	805		$	25,174		$	301,249
Agency collateralized mortgage obligations			120,465			933			6,065			115,333
States and political subdivisions securities			53,347			89			2,038			51,398
Small Business Administration securities			61,000			14			5,163			55,851
		$	560,430		$	1,841		$	38,440		$	523,831


	December 31, 2025
					Amortized		Gross		Gross
	Amortized		Fair Value		Carrying		Unrealized		Unrealized		Fair
	Cost		Adjustment		Value		Gains		Losses		Value

	(In Thousands)
HELD-TO-MATURITY SECURITIES:
Agency mortgage-backed securities	$	69,713	$	1,313	$	71,026	$	—	$	5,694	$	65,332
Agency collateralized mortgage obligations		103,918		(1,857)		102,061		—		10,424		91,637
States and political subdivisions		6,086		27		6,113		—		453		5,660
	$	179,717	$	(517)	$	179,200	$	—	$	16,571	$	162,629

The amortized cost and fair value of available-for-sale and held-to-maturity securities at June 30, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


		Available-for-Sale						Held-to-Maturity
		Amortized			Fair			Amortized			Fair
		Cost			Value			Carrying Value			Value

		(In Thousands)
One year or less		$	—		$	—		$	—		$	—
After one through two years			1,038			1,047			—			—
After two through three years			—			—			—			—
After three through four years			—			—			—			—
After four through five years			—			—			—			—
After five through fifteen years			28,327			27,636			6,097			5,682
After fifteen years			23,737			23,012			—			—
Securities not due on a single maturity date			490,852			452,100			169,167			152,190
		$	543,954		$	503,795		$	175,264		$	157,872

Available-for-sale investments in debt securities are reported in the financial statements at their fair value. The total fair value of these investments at June 30, 2026 and December 31, 2025, was approximately $503.8 million and $523.8 million, respectively. Total fair value of these investments for which the amortized cost exceeded the fair value at June 30, 2026 and December 31, 2025, was $429.8 million and $409.0 million, respectively, which was approximately 85.3% and 78.1% of the Company’s total available-for-sale investment portfolio at those dates. A high percentage of the unrealized losses were related to the Company’s mortgage-backed securities, collateralized mortgage obligations and Small Business Administration (SBA) securities, which are issued and guaranteed by U.S. government-sponsored entities and agencies. The Company’s state and political subdivision securities are investments in insured fixed rate municipal bonds for which the issuers continue to make timely principal and interest payments under the contractual terms of the securities. Held-to-maturity investments in debt securities are reported in the financial statements at their amortized carrying value at June 30, 2026 and December 31, 2025, which was $175.3 million and $179.2 million, respectively. Total fair value of these investments at June 30, 2026 and December 31, 2025 was approximately $157.9 million and $162.6 million, respectively. The amortized carrying value exceeded the fair value of all held-to-maturity securities at both June 30, 2026 and December 31, 2025.

Held-to-maturity investment securities are evaluated for potential losses under ASU 2016-13. The Company continually assesses its liquidity sources, both on-balance sheet and off-balance sheet, and believes that at June 30, 2026, it had ample liquidity sources to fund its ongoing operations without selling investment securities in this portfolio.

Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings of issuers, management believes the declines in fair value for the Company’s available-for-sale debt securities are not credit related.

The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025:


		June 30, 2026
		Less than 12 Months						12 Months or More						Total
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
Description of Securities		Value			Losses			Value			Losses			Value			Losses

		(In Thousands)
AVAILABLE-FOR-SALE SECURITIES:
Agency mortgage-backed securities		$	34,247		$	(243)		$	230,625		$	(27,005)		$	264,872		$	(27,248)
Agency collateralized mortgage obligations			9,070			(104)			59,225			(6,010)			68,295			(6,114)
States and political subdivisions securities			4,801			(51)			39,665			(1,444)			44,466			(1,495)
Small Business Administration securities			6,653			(124)			45,482			(5,667)			52,135			(5,791)
		$	54,771		$	(522)		$	374,997		$	(40,126)		$	429,768		$	(40,648)

HELD-TO-MATURITY SECURITIES:
Agency mortgage-backed securities		$	—		$	—		$	64,100		$	(5,997)		$	64,100		$	(5,997)
Agency collateralized mortgage obligations			—			—			88,090			(10,980)			88,090			(10,980)
States and political subdivisions securities			—			—			5,682			(415)			5,682			(415)
		$	—		$	—		$	157,872		$	(17,392)		$	157,872		$	(17,392)


		December 31, 2025
		Less than 12 Months						12 Months or More						Total
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
Description of Securities		Value			Losses			Value			Losses			Value			Losses

		(In Thousands)
AVAILABLE-FOR-SALE SECURITIES:
Agency mortgage-backed securities		$	—		$	—		$	241,503		$	(25,174)		$	241,503		$	(25,174)
Agency collateralized mortgage obligations			—			—			70,774			(6,065)			70,774			(6,065)
States and political subdivisions securities			4,409			(109)			43,528			(1,929)			47,937			(2,038)
Small Business Administration securities			—			—			48,807			(5,163)			48,807			(5,163)
		$	4,409		$	(109)		$	404,612		$	(38,331)		$	409,021		$	(38,440)

HELD-TO-MATURITY SECURITIES:
Agency mortgage-backed securities		$	—		$	—		$	65,332		$	(5,694)		$	65,332		$	(5,694)
Agency collateralized mortgage obligations			—			—			91,637			(10,424)			91,637			(10,424)
States and political subdivisions securities			—			—			5,660			(453)			5,660			(453)
		$	—		$	—		$	162,629		$	(16,571)		$	162,629		$	(16,571)

There were no sales of available-for-sale securities during the three or six months ended June 30, 2026 or June 30, 2025.

Allowance for Credit Losses. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. All of the mortgage-backed, collateralized mortgage, and SBA securities held by the Company as of June 30, 2026 were issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company has not historically experienced losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities.

Regarding securities issued by state and political subdivisions, management considers the following when evaluating these securities: (i) current issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) updated financial information of the issuer, (v) internal forecasts and (vi) whether such securities provide insurance or other credit enhancement or are pre-refunded by the issuers. These securities are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company has not experienced historical losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities.

NOTE 6: LOANS AND ALLOWANCE FOR CREDIT LOSSES

The Company measures the allowance for credit losses under ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans receivable. It also applies to off-balance sheet credit exposures not accounted for as insurance, including loan commitments, standby letters of credit, financial guarantees, and other similar instruments.

Classes of loans at June 30, 2026 and December 31, 2025 were as follows:


		June 30,			December 31,
		2026			2025

		(In Thousands)
One- to four-family residential construction		$	38,164		$	30,258
Subdivision construction			34,141			32,160
Land development			51,546			37,519
Commercial construction			278,513			249,224
Owner occupied one- to four-family residential			655,316			656,699
Non-owner occupied one- to four-family residential			132,727			125,298
Commercial real estate			1,482,857			1,556,148
Other residential (multi-family)			1,347,498			1,387,410
Commercial business			173,594			178,514
Consumer auto			22,489			24,169
Consumer other			20,910			22,249
Home equity lines of credit			139,377			128,030
			4,377,132			4,427,678
Allowance for credit losses			(63,965)			(64,771)
Deferred loan fees and gains, net			(5,455)			(6,054)
		$	4,307,712		$	4,356,853

Weighted average interest rate			5.80	%		5.76	%

Classes of loans by aging were as follows as of the dates indicated.


		June 30, 2026
																				Total Loans
								Over 90									Total			> 90 Days Past
		30-59 Days			60-89 Days			Days			Total Past						Loans			Due and
		Past Due			Past Due			Past Due			Due			Current			Receivable			Still Accruing

		(In Thousands)
One- to four-family residential construction		$	—		$	—		$	—		$	—		$	38,164		$	38,164		$	—
Subdivision construction			—			—			—			—			34,141			34,141			—
Land development			—			—			—			—			51,546			51,546			—
Commercial construction			—			—			—			—			278,513			278,513			—
Owner occupied one- to four-family residential			49			44			990			1,083			654,233			655,316			—
Non-owner occupied one- to four-family residential			—			—			—			—			132,727			132,727			—
Commercial real estate			244			—			—			244			1,482,613			1,482,857			—
Other residential (multi-family)			—			—			—			—			1,347,498			1,347,498			—
Commercial business			—			—			36			36			173,558			173,594			—
Consumer auto			—			10			—			10			22,479			22,489			—
Consumer other			77			2			7			86			20,824			20,910			—
Home equity lines of credit			30			—			—			30			139,347			139,377			—
Total		$	400		$	56		$	1,033		$	1,489		$	4,375,643		$	4,377,132		$	—


		December 31, 2025
																				Total Loans
								Over 90									Total			> 90 Days Past
		30-59 Days			60-89 Days			Days			Total Past						Loans			Due and
		Past Due			Past Due			Past Due			Due			Current			Receivable			Still Accruing

		(In Thousands)
One- to four-family residential construction		$	—		$	—		$	—		$	—		$	30,258		$	30,258		$	—
Subdivision construction			—			—			—			—			32,160			32,160			—
Land development			—			—			—			—			37,519			37,519			—
Commercial construction			—			—			—			—			249,224			249,224			—
Owner occupied one- to four-family residential			830			521			631			1,982			654,717			656,699			—
Non-owner occupied one- to four-family residential			—			—			1,435			1,435			123,863			125,298			—
Commercial real estate			70			—			—			70			1,556,078			1,556,148			—
Other residential (multi-family)			24,762			—			—			24,762			1,362,648			1,387,410			—
Commercial business			—			—			—			—			178,514			178,514			—
Consumer auto			27			12			—			39			24,130			24,169			—
Consumer other			128			30			10			168			22,081			22,249			—
Home equity lines of credit			74			—			18			92			127,938			128,030			—
Total		$	25,891		$	563		$	2,094		$	28,548		$	4,399,130		$	4,427,678		$	—

Loans are placed on nonaccrual status at 90 days past due and interest is considered a loss unless the loan is well secured and in the process of collection. Payments received on nonaccrual loans are applied to principal until the loans are returned to accrual status. Loans are returned to accrual status when all payments contractually due are brought current, payment performance is sustained for a period of time, generally six months, and future payments are reasonably assured. With the exception of consumer loans, charge-offs on loans are recorded when available information indicates a loan is not fully collectible and the loss is reasonably quantifiable. Consumer loans are charged-off at specified delinquency dates consistent with regulatory guidelines.

Nonaccruing loans are summarized as follows as of the dates indicated:


		June 30,			December 31,
		2026			2025

		(In Thousands)
One- to four-family residential construction		$	—		$	—
Subdivision construction			—			—
Land development			—			—
Commercial construction			—			—
Owner occupied one- to four-family residential			990			631
Non-owner occupied one- to four-family residential			—			1,435
Commercial real estate			—			—
Other residential (multi-family)			—			—
Commercial business			36			—
Consumer auto			—			—
Consumer other			7			10
Home equity lines of credit			—			18
Total nonaccruing loans		$	1,033		$	2,094

During the three and six months ended June 30, 2026, the Company recorded $-0- and $116,000, respectively, in interest income related to recoveries on nonaccrual loans compared to $115,000 for the three and six months ended June 30, 2025.

Nonaccrual loans as of June 30, 2026 and December 31, 2025, had an amortized cost of $1.0 million and $2.0 million, respectively. Of these nonacrrual loans, $888,000 were individually assessed and did not require an allowance due to being adequately collateralized under the collateral-dependent valuation method at those dates. A collateral-dependent loan is a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date. Collateral-dependent loans are identified primarily by a classified risk rating with a loan balance equal to or greater than $100,000, including, but not limited to, any loan in the process of foreclosure or repossession.

The following table presents the activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2026 and 2025. During the three and six months ended June 30, 2026 and 2025, the Company did not record a provision expense on its portfolio of outstanding loans.


		One- to Four-
		Family
		Residential and			Other			Commercial			Commercial			Commercial
		Construction			Residential			Real Estate			Construction			Business			Consumer			Total

		(In Thousands)
Allowance for credit losses
Balance, March 31, 2025		$	9,192		$	15,594		$	28,794		$	2,929		$	4,522		$	3,673		$	64,704
Provision (credit) charged to expense			—			—			—			—			—			—			—
Losses charged off			(10)			—			—			—			—			(241)			(251)
Recoveries			22			—			—			7			190			143			362
Balance, June 30, 2025		$	9,204		$	15,594		$	28,794		$	2,936		$	4,712		$	3,575		$	64,815

Allowance for credit losses
Balance, March 31, 2026		$	7,653		$	18,821		$	28,785		$	2,327		$	4,020		$	3,178		$	64,784
Provision (credit) charged to expense			89			928			(1,419)			385			(217)			234			—
Losses charged off			—			(909)			—			—			—			(272)			(1,181)
Recoveries			6			—			—			100			96			160			362
Balance, June 30, 2026		$	7,748		$	18,840		$	27,366		$	2,812		$	3,899		$	3,300		$	63,965


		One- to Four-
		Family
		Residential and			Other			Commercial			Commercial			Commercial
		Construction			Residential			Real Estate			Construction			Business			Consumer			Total

		(In Thousands)
Allowance for credit losses
Balance, January 1, 2025		$	9,224		$	15,594		$	28,802		$	2,735		$	4,656		$	3,749		$	64,760
Provision (credit) charged to expense			—			—			—			—			—			—			—
Losses charged off			(46)			—			(8)			—			(147)			(475)			(676)
Recoveries			26			—			—			201			203			301			731
Balance, June 30, 2025		$	9,204		$	15,594		$	28,794		$	2,936		$	4,712		$	3,575		$	64,815

Allowance for credit losses
Balance, January 1, 2026		$	7,483		$	18,476		$	29,223		$	2,396		$	3,911		$	3,282		$	64,771
Provision (credit) charged to expense			256			1,273			(1,873)			316			(225)			253			—
Losses charged off			—			(909)			—			—			—			(581)			(1,490)
Recoveries			9			—			16			100			213			346			684
Balance, June 30, 2026		$	7,748		$	18,840		$	27,366		$	2,812		$	3,899		$	3,300		$	63,965

The following table presents the activity in the allowance for unfunded commitments by portfolio segment for the three and six months ended June 30, 2026 and 2025. The provision for losses on unfunded commitments for the three months ended June 30, 2026 was $8,000, compared to a credit (negative expense) of $110,000 for the three months ended June 30, 2025. The provision for losses on unfunded commitments for the six months ended June 30, 2026 was a credit (negative expense) of $923,000, compared to a credit (negative expense) of $458,000 for the six months ended June 30, 2025.


		One- to Four-
		Family
		Residential and			Other			Commercial			Commercial			Commercial
		Construction			Residential			Real Estate			Construction			Business			Consumer			Total

		(In Thousands)
Allowance for unfunded commitments
Balance, March 31, 2025		$	658		$	4,594		$	620		$	418		$	1,428		$	437		$	8,155
Provision (credit) charged to expense			97			9			61			54			(281)			(50)			(110)
Balance, June 30, 2025		$	755		$	4,603		$	681		$	472		$	1,147		$	387		$	8,045

Allowance for unfunded commitments
Balance, March 31, 2026		$	862		$	3,998		$	609		$	700		$	1,087		$	361		$	7,617
Provision (credit) charged to expense			111			(280)			55			(132)			252			2			8
Balance, June 30, 2026		$	973		$	3,718		$	664		$	568		$	1,339		$	363		$	7,625


		One- to Four-
		Family
		Residential and			Other			Commercial			Commercial			Commercial
		Construction			Residential			Real Estate			Construction			Business			Consumer			Total

		(In Thousands)
Allowance for unfunded commitments
Balance, January 1, 2025		$	619		$	4,833		$	653		$	496		$	1,468		$	434		$	8,503
Provision (credit) charged to expense			136			(230)			28			(24)			(321)			(47)			(458)
Balance, June 30, 2025		$	755		$	4,603		$	681		$	472		$	1,147		$	387		$	8,045

Allowance for unfunded commitments
Balance, January 1, 2026		$	967		$	4,580		$	699		$	637		$	1,302		$	363		$	8,548
Provision (credit) charged to expense			6			(862)			(35)			(69)			37			—			(923)
Balance, June 30, 2026		$	973		$	3,718		$	664		$	568		$	1,339		$	363		$	7,625

The portfolio segments used in the preceding tables correspond to the loan classes used in all other tables in Note 6 as follows:

●

The one- to four-family residential and construction segment includes the one- to four-family residential construction, subdivision construction, owner occupied one- to four-family residential and non-owner occupied one- to four-family residential classes.

●

The other residential (multi-family) segment corresponds to the other residential (multi-family) class.

●

The commercial real estate segment includes the commercial real estate and industrial revenue bonds classes.

●

The commercial construction segment includes the land development and commercial construction classes.

●

The commercial business segment corresponds to the commercial business class.

●

The consumer segment includes the consumer auto, consumer other and home equity lines of credit classes.

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of the dates indicated:


		June 30, 2026						December 31, 2025
		Principal			Specific			Principal			Specific
		Balance			Allowance			Balance			Allowance

		(In Thousands)
One- to four-family residential construction		$	—		$	—		$	—		$	—
Subdivision construction			—			—			—			—
Land development			—			—			—			—
Commercial construction			—			—			—			—
Owner occupied one- to four- family residential			1,422			—			1,207			—
Non-owner occupied one- to four-family residential			—			—			1,435			—
Commercial real estate			—			—			—			—
Other residential (multi-family)			—			—			—			—
Commercial business			—			—			—			—
Consumer auto			—			—			—			—
Consumer other			—			—			—			—
Home equity lines of credit			120			—			—			—

Total		$	1,542		$	—		$	2,642		$	—

Modified Loans. Loan modifications are reported if concessions have been granted to borrowers that are experiencing financial difficulty. The estimate of lifetime expected losses utilized in the allowance for credit losses model is developed using average historical loss on loans with similar risk characteristics, which includes losses from modifications of loans to borrowers experiencing financial difficulty. As a result, a charge to the allowance for credit losses is generally not recorded upon modification. For modifications to loans made to borrowers experiencing financial difficulty that are adversely classified, the Company determines the allowance for credit losses on an individual basis, using the same process that it utilizes for other adversely classified loans. If collection efforts have begun and the modified loan is subsequently deemed collateral-dependent, the loan is placed on nonaccrual status and the allowance for credit losses is determined based on an individual evaluation. If necessary, the loan is charged down to fair market value less estimated sales costs.

The following table shows, as of the date indicated, the composition of modifications made to loans to borrowers experiencing financial difficulty, by the loan class and type of concession granted. There were no such modifications at June 30, 2026. During the three and six months ended June 30, 2026, principal forgiveness of $7,000 and $15,000, respectively,was completed on consumer loans. During the three and six months ended June 30, 2025, principal forgiveness of $-0- and $7,000, respectively was completed on consumer loans.


		Amortized Cost Basis at December 31, 2025
		Interest Rate			Term						Total
		Reduction			Extension			Combination			Modifications

			(In Thousands)
Construction and land development		$	—		$	—		$	—		$	—
One- to four-family residential			—			—			—			—
Other residential (multi-family)			—			—			—			—
Commercial real estate			—			—			—			—
Commercial business			—			—			—			—
Consumer			5			—			—			5
		$	5		$	—		$	—		$	5

The Company closely monitors the performance of loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of its modification efforts. The following table depicts the performance of loans (under modified terms) at December 31, 2025. There were no such loans at June 30, 2026.


	December 31, 2025
			30-89 Days		Over 90 Days
	Current		Past Due		Past Due		Total

	(In Thousands)
Construction and land development	$	—	$	—	$	—	$	—
One- to four-family residential		—		—		—		—
Other residential (multi-family)		—		—		—		—
Commercial real estate		—		—		—		—
Commercial business		—		—		—		—
Consumer		5		—		—		5
	$	5	$	—	$	—	$	5

Loan Risk Ratings. The Company utilizes an internal risk rating system comprised of a series of grades to categorize loans according to perceived risk associated with the expectation of debt repayment. The analysis of the borrower’s ability to repay considers specific information, including, but not limited to, current financial information, historical payment experience, industry information and collateral levels and types. A risk rating is assigned at loan origination and then monitored throughout the contractual term for possible risk rating changes.

Satisfactory loans range from Excellent to Moderate Risk, but generally are loans supported by strong recent financial statements. The character and capacity of the borrower are solid, including reasonable project performance, good industry experience, liquidity and/or net worth. The probability of financial deterioration seems unlikely. Repayment is expected from approved sources over a reasonable period of time.

Watch loans are identified when the borrower has capacity to perform according to terms; however, elements of uncertainty exist. Margins of debt service coverage may be narrow, historical patterns of financial performance may be erratic, collateral margins may be diminished, or the borrower may be a new and/or thinly capitalized company. Some management weakness on the part of the borrower may also exist, the borrower may have somewhat limited access to credit at other financial institutions, and that access may diminish in difficult economic times.

Special Mention loans have weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects or the Bank’s credit position at some future date. This is a transitional grade closely monitored for improvement or deterioration.

The Substandard rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “nonaccrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment.

Doubtful loans have all the weaknesses inherent to those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.

The Loss category is used when loans are considered uncollectable and no longer included as an asset.

All loans are analyzed for risk rating updates regularly. For larger loans, rating assessments may be more frequent if relevant information is obtained earlier through debt covenant monitoring or overall relationship management. Smaller loans are monitored as identified by the loan officer based on the risk profile of the individual borrower or if the loan becomes past due related to credit issues. Loans rated Watch, Special Mention, Substandard or Doubtful are subject to formal quarterly review and continuous monitoring processes. In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by the credit review department, which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan.

The following tables present a summary of loans by category and risk rating separated by origination year and loan class as of June 30, 2026 and December 31, 2025.


		Term Loans by Origination Year
																				Revolving
June 30, 2026		2026 YTD			2025			2024			2023			2022			Prior			Loans			Total

		(In Thousands)
One- to four-family residential construction
Satisfactory (1-4)		$	5,484		$	21,784		$	200		$	3,194		$	463		$	—		$	7,039		$	38,164
Watch (5)			—			—			—			—			—			—			—			—
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			5,484			21,784			200			3,194			463			—			7,039			38,164
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Subdivision construction
Satisfactory (1-4)			167			811			1,706			259			250			16,140			14,808			34,141
Watch (5)			—			—			—			—			—			—			—			—
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			167			811			1,706			259			250			16,140			14,808			34,141
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Construction and land development
Satisfactory (1-4)			10,125			13,336			8,442			6,507			3,544			6,757			2,835			51,546
Watch (5)			—			—			—			—			—			—			—			—
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			10,125			13,336			8,442			6,507			3,544			6,757			2,835			51,546
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Other construction
Satisfactory (1-4)			66,095			52,607			128,319			—			30,740			752			—			278,513
Watch (5)			—			—			—			—			—			—			—			—
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			66,095			52,607			128,319			—			30,740			752			—			278,513
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

One- to four-family residential
Satisfactory (1-4)			62,141			62,762			35,361			41,015			254,354			328,573			1,299			785,505
Watch (5)			—			—			—			—			—			691			—			691
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			128			508			1,211			—			1,847
Total			62,141			62,762			35,361			41,143			254,862			330,475			1,299			788,043
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Other residential (multi-family)
Satisfactory (1-4)			21,298			114,761			252,354			77,660			501,609			342,480			3,197			1,313,359
Watch (5)			—			—			—			—			—			2,639			—			2,639
Special Mention (6)			—			—			—			—			—			31,500			—			31,500
Classified (7-9)			—			—			—			—			—			—			—			—
Total			21,298			114,761			252,354			77,660			501,609			376,619			3,197			1,347,498
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Commercial real estate
Satisfactory (1-4)			78,593			117,095			147,076			91,345			248,022			744,723			34,207			1,461,061
Watch (5)			—			—			—			—			13,997			3,045			—			17,042
Special Mention (6)			—			—			—			—			—			4,754			—			4,754
Classified (7-9)			—			—			—			—			—			—			—			—
Total			78,593			117,095			147,076			91,345			262,019			752,522			34,207			1,482,857
Current Period Gross Charge Offs			—			—			—			—			909			—			—			909

Commercial business
Satisfactory (1-4)			7,909			41,867			15,831			8,146			8,099			46,736			44,943			173,531
Watch (5)			—			—			—			—			—			15			—			15
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			48			—			—			—			48
Total			7,909			41,867			15,831			8,194			8,099			46,751			44,943			173,594
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Consumer
Satisfactory (1-4)			7,593			11,749			7,298			3,071			1,524			7,225			143,771			182,231
Watch (5)			—			—			—			—			—			183			67			250
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			10			—			6			14			—			48			217			295
Total			7,603			11,749			7,304			3,085			1,524			7,456			144,055			182,776
Current Period Gross Charge Offs			—			46			15			20			8			438			54			581

Combined
Satisfactory (1-4)			259,405			436,772			596,587			231,197			1,048,605			1,493,386			252,099			4,318,051
Watch (5)			—			—			—			—			13,997			6,573			67			20,637
Special Mention (6)			—			—			—			—			—			36,254			—			36,254
Classified (7-9)			10			—			6			190			508			1,259			217			2,190
Total		$	259,415		$	436,772		$	596,593		$	231,387		$	1,063,110		$	1,537,472		$	252,383		$	4,377,132
Current Period Gross Charge Offs		$	—		$	46		$	15		$	20		$	917		$	438		$	54		$	1,490


		Term Loans by Origination Year
																				Revolving
December 31, 2025		2025			2024			2023			2022			2021			Prior			Loans			Total

		(In Thousands)
One- to four-family residential construction
Satisfactory (1-4)		$	18,452		$	4,606		$	2,611		$	1,242		$	—		$	—		$	3,347		$	30,258
Watch (5)			—			—			—			—			—			—			—			—
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			18,452			4,606			2,611			1,242			—			—			3,347			30,258
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Subdivision construction
Satisfactory (1-4)			924			2,745			278			260			16,146			428			11,379			32,160
Watch (5)			—			—			—			—			—			—			—			—
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			924			2,745			278			260			16,146			428			11,379			32,160
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Construction and land development
Satisfactory (1-4)			11,147			9,046			6,573			1,097			368			6,413			2,875			37,519
Watch (5)			—			—			—			—			—			—			—			—
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			11,147			9,046			6,573			1,097			368			6,413			2,875			37,519
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Other construction
Satisfactory (1-4)			35,846			166,912			7,448			38,049			969			—			—			249,224
Watch (5)			—			—			—			—			—			—			—			—
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			35,846			166,912			7,448			38,049			969			—			—			249,224
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

One- to four-family residential
Satisfactory (1-4)			65,388			39,406			49,967			267,992			153,547			200,389			1,340			778,029
Watch (5)			—			—			—			—			—			724			—			724
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			28			71			507			268			1,756			614			3,244
Total			65,388			39,434			50,038			268,499			153,815			202,869			1,954			781,997
Current Period Gross Charge Offs			—			—			—			21			16			9			—			46

Other residential (multi-family)
Satisfactory (1-4)			99,386			153,763			113,657			541,044			266,906			182,230			2,999			1,359,985
Watch (5)			—			—			—			—			—			2,663			—			2,663
Special Mention (6)			—			—			—			—			24,762			—			—			24,762
Classified (7-9)			—			—			—			—			—			—			—			—
Total			99,386			153,763			113,657			541,044			291,668			184,893			2,999			1,387,410
Current Period Gross Charge Offs			—			—			—			—			—			—			—			—

Commercial real estate
Satisfactory (1-4)			122,684			142,179			93,260			305,833			194,448			640,276			34,936			1,533,616
Watch (5)			—			—			—			10,548			—			2,964			—			13,512
Special Mention (6)			—			—			—			—			—			9,020			—			9,020
Classified (7-9)			—			—			—			—			—			—			—			—
Total			122,684			142,179			93,260			316,381			194,448			652,260			34,936			1,556,148
Current Period Gross Charge Offs			—			—			—			—			8			—			—			8

Commercial business
Satisfactory (1-4)			31,698			22,010			9,959			13,490			15,629			38,256			44,170			175,212
Watch (5)			—			—			—			805			2,473			24			—			3,302
Special Mention (6)			—			—			—			—			—			—			—			—
Classified (7-9)			—			—			—			—			—			—			—			—
Total			31,698			22,010			9,959			14,295			18,102			38,280			44,170			178,514
Current Period Gross Charge Offs			—			—			—			—			—			135			44			179

Consumer
Satisfactory (1-4)			15,703			9,937			4,651			2,530			1,015			7,509			131,623			172,968
Watch (5)			—			—			—			—			—			188			70			258
Special Mention (6)			—			—			—			—			—			—			983			983
Classified (7-9)			—			10			15			2			11			43			158			239
Total			15,703			9,947			4,666			2,532			1,026			7,740			132,834			174,448
Current Period Gross Charge Offs			58			63			33			23			2			888			6			1,073

Combined
Satisfactory (1-4)			401,228			550,604			288,404			1,171,537			649,028			1,075,501			232,669			4,368,971
Watch (5)			—			—			—			11,353			2,473			6,563			70			20,459
Special Mention (6)			—			—			—			—			24,762			9,020			983			34,765
Classified (7-9)			—			38			86			509			279			1,799			772			3,483
Total		$	401,228		$	550,642		$	288,490		$	1,183,399		$	676,542		$	1,092,883		$	234,494		$	4,427,678
Current Period Gross Charge Offs		$	58		$	63		$	33		$	44		$	26		$	1,032		$	50		$	1,306

NOTE 7: INVESTMENTS IN LIMITED PARTNERSHIPS

Investments in Affordable Housing Partnerships

Periodically, the Company has invested in limited partnerships that were formed to develop and operate apartments and single-family houses designed as high-quality affordable housing for lower income tenants throughout Missouri and contiguous states (“Affordable Housing Partnerships”). At June 30, 2026, the Company had 21 such investments, with a total net carrying value of $89.6 million. At December 31, 2025, the Company had 21 such investments, with a total net carrying value of $96.9 million. Due to the Company’s inability to exercise significant influence over any of the investments in Affordable Housing Partnerships, they all are accounted for using the proportional amortization method. Each of the partnerships must meet the regulatory requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken may be subject to recapture with interest.

The remaining federal affordable housing tax credits available to be utilized through 2036 were $95.1 million as of June 30, 2026, assuming no tax credit recapture events occur and all projects currently under construction are completed as planned. Amortization of the investments in partnerships is expected to be approximately $85.1 million, assuming all projects currently under construction are completed and funded as planned.

The Company’s usage of federal affordable housing tax credits approximated $3.6 million and $3.2 million during the three months ended June 30, 2026 and 2025, respectively. Investment amortization was $3.2 million for the three months ended June 30, 2026, compared to $2.7 million for the three months ended June 30, 2025.

The Company’s usage of federal affordable housing tax credits approximated $7.2 million and $6.4 million during the six months ended June 30, 2026 and 2025, respectively. Investment amortization was $6.5 million for the six months ended June 30, 2026, compared to $5.6 million for the six months ended June 30, 2025.

Investments in Community Development Entities

From time to time, the Company has invested in limited partnerships that were formed to develop and operate business and real estate projects located in low-income communities. At June 30, 2026, the Company had one such investment, with a net carrying value of $50,000. At December 31, 2025, the Company had one such investment, with a net carrying value of $99,000. Due to the Company’s inability to exercise significant influence over any of the investments in qualified community development entities, they are accounted for using the proportional amortization method. Each of the partnerships provides federal new market tax credits over a seven-year credit allowance period. In each of the first three years, credits totaling five percent of the original investment are allowed on the credit allowance dates, and for the final four years, credits totaling six percent of the original investment are allowed on the credit allowance dates. Each of the partnerships must be invested in a qualified community development entity on each of the credit allowance dates during the seven-year period to utilize the tax credits. If the community development entities cease to qualify during the seven-year period, the credits may be denied for any credit allowance date and a portion of the credits previously taken may be subject to recapture with interest. The investments in the community development entities cannot be redeemed before the end of the seven-year period.

The Company’s usage of federal new market tax credits approximated $30,000 during both the three months ended June 30, 2026 and the three months ended June 30, 2025. Investment amortization amounted to $25,000 for both the three months ended June 30, 2026 and the three months ended June 30, 2025.

The Company’s usage of federal new market tax credits approximated $60,000 during both the six months ended June 30, 2026 and the six months ended June 30, 2025. Investment amortization amounted to $50,000 for both the six months ended June 30, 2026 and the six months ended June 30, 2025.

Investments in Limited Partnerships for Federal Rehabilitation/Historic Tax Credits

From time to time, the Company has invested in limited partnerships that were formed to provide federal rehabilitation/historic tax credits. At June 30, 2026 and December 31, 2025, the Company had no such investments, with the most recent investment fully amortizing during 2024. Under current tax law, such partnerships provide federal rehabilitation/historic tax credits over a five-year credit allowance period.

The Company’s usage of federal rehabilitation/historic tax credits approximated $75,000 and $-0- during the three months ended June 30, 2026 and 2025, respectively. Investment amortization amounted to $-0- for the three months ended June 30, 2026 and 2025.

The Company’s usage of certain federal rehabilitation/historic tax credits approximated $150,000 and $-0- during the six months ended June 30, 2026 and 2025, respectively. Investment amortization amounted to $-0- for the six months ended June 30, 2026 and 2025.

Investments in Limited Partnerships for State Tax Credits

On occasion, the Company has invested in limited partnerships that were formed to provide state tax credits. The Company has primarily syndicated these tax credits and the impact to the Consolidated Statements of Income has not been material.

NOTE 8: OTHER REAL ESTATE OWNED AND REPOSSESSIONS

Major classifications of other real estate owned were as follows at the dates indicated:


		June 30,			December 31,
		2026			2025

		(In Thousands)
Foreclosed assets held for sale and repossessions
One- to four-family construction		$	—		$	—
Subdivision construction			—			—
Land development			—			—
Commercial construction			—			—
One- to four-family residential			—			—
Other residential (multi-family)			1,807			—
Commercial real estate			6,542			6,025
Commercial business			—			—
Consumer			11			11
Foreclosed assets held for sale and repossessions			8,360			6,036

Other real estate owned not acquired through foreclosure			—			—

Other real estate owned and repossessions		$	8,360		$	6,036

At June 30, 2026 and December 31, 2025, there was no other real estate owned not acquired through foreclosure.

At June 30, 2026, residential mortgage loans totaling $557,000 were in the process of foreclosure. At December 31, 2025, no residential mortgage loans were in the process of foreclosure.

Expenses (income) applicable to other real estate owned and repossessions included the following during the periods shown:


	Three Months Ended
	June 30,
	2026		2025

	(In Thousands)
Net loss (gain) on sales of other real estate owned and repossessions	$	(63)	$	1
Valuation write-downs		—		—
Operating expenses (income), net of rental income		(22)		(169)
	$	(85)	$	(168)


	Six Months Ended
	June 30,
	2026		2025

	(In Thousands)
Net loss (gain) on sales of other real estate owned and repossessions	$	(62)	$	5
Valuation write-downs		5		—
Operating expenses (income), net of rental income		26		(243)
	$	(31)	$	(238)

NOTE 9: PREMISES AND EQUIPMENT

Major classifications of premises and equipment, stated at cost, were as follows at the dates indicated:


		June 30,			December 31,
		2026			2025

		(In Thousands)
Land		$	38,846		$	40,250
Buildings and improvements			112,695			110,536
Furniture, fixtures and equipment			72,522			72,121
Operating leases right of use asset			4,810			4,161
			228,873			227,068
Less: accumulated depreciation			96,035			93,811
		$	132,838		$	133,257

Leases. The Company records leases in accordance with ASU 2016-02, Leases (Topic 842). The amount of the right of use asset and corresponding lease liability will fluctuate based on the Company’s lease terminations, new leases and lease modifications and renewals. As of June 30, 2026, the lease right of use asset value was $4.8 million and the corresponding lease liability was $4.9 million. As of December 31, 2025, the lease right of use asset value was $4.2 million and the corresponding lease liability was $4.2 million. At June 30, 2026, expected lease terms ranged from 1.1 years to 8.8 years with a weighted-average lease term of 5.9 years. The weighted-average discount rate at June 30, 2026 was 4.25%.

For the three months ended June 30, 2026 and 2025, total lease expense was $527,000 and $402,000, respectively. For the six months ended June 30, 2026 and 2025, total lease expense was $957,000 and $821,000, respectively. The Company’s short-term leases related to offsite ATMs have both fixed and variable lease payment components, based on the number of transactions at the various ATMs. The variable portion of these lease payments is not material and the lease expense related to ATMs for the three months ended June 30, 2026 and 2025 was $81,000 and $79,000, respectively. The lease expense related to ATMs for the six months ended June 30, 2026 and 2025 was $171,000 and $156,000, respectively.

The Company does not sublease any of its leased facilities; however, it does lease portions of facilities that it owns to other parties. In terms of being the lessor in these circumstances, all of these lease agreements are classified as operating leases. In the three months ended June 30, 2026 and 2025, income recognized from these lease agreements was $371,000 and $358,000, respectively, and was included in occupancy and equipment expense. In the six months ended June 30, 2026 and 2025, income recognized from these lease agreements was $752,000 and $678,000, respectively, and was included in occupancy and equipment expense.


	June 30, 2026		December 31, 2025

	(In Thousands)
Statement of Financial Condition
Operating leases right of use asset	$	4,810	$	4,161
Operating leases liability	$	4,892	$	4,236

	For the Three Months Ended
	June 30, 2026		June 30, 2025

	(In Thousands)
Statement of Income
Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs and amortization of right of use asset)	$	527	$	402

Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	523	$	401
Right of use assets obtained in exchange for lease obligations and adjustments for lease expected lives:
Operating leases	$	1,217	$	358


	For the Six Months Ended
	June 30, 2026		June 30, 2025

	(In Thousands)
Statement of Income
Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs and amortization of right of use asset)	$	957	$	821

Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	945	$	816
Right of use assets obtained in exchange for lease obligations and adjustments for lease expected lives:
Operating leases	$	1,217	$	678

At June 30, 2026, future expected lease payments for leases with terms exceeding one year were as follows (in thousands):


2026	$	650
2027		1,250
2028		1,030
2029		593
2030		445
2031		456
Thereafter		1,153

Future lease payments expected		5,577

Less: interest portion of lease payments		(685)

Lease liability	$	4,892

NOTE 10: DEPOSITS


	Weighted Average	June 30,		December 31,
	Interest Rate	2026		2025

		(In Thousands, Except Interest Rates)

Non-interest-bearing accounts	—	$	877,369	$	841,515
Interest-bearing checking and savings accounts	1.19% and 1.20%		2,197,556		2,289,393
			3,074,925		3,130,908

Certificate accounts	0.00% - 0.99%		27,093		31,380
	1.00% - 1.99%		76,203		94,864
	2.00% - 2.99%		32,515		22,720
	3.00% - 3.99%		515,505		537,043
	4.00% - 4.99%		189		2,432
	5.00% and above		—		—
	2.95% and 3.13%		651,505		688,439

Brokered deposits	3.83% and 3.80%		575,637		663,427
			575,637		663,427

		$	4,302,067	$	4,482,774

The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $575.6 million and $663.4 million at June 30, 2026 and December 31, 2025, respectively. At June 30, 2026 and December 31, 2025, brokered deposits included $300.0 million and $450.0 million, respectively, of purchased funds through the IntraFi Financial network. These IntraFi Financial deposits have a rate of interest that floats daily with an index of effective federal funds rate plus a spread. At June 30, 2026, approximately 39% of the Company’s total deposits were uninsured, including deposit accounts of consolidated subsidiaries of the Company and collateralized deposits of unaffiliated entities. Excluding deposit accounts of the Company’s consolidated subsidiaries, approximately 16% of the Company’s total deposits were uninsured at June 30, 2026.

NOTE 11: ADVANCES FROM FEDERAL HOME LOAN BANK

At June 30, 2026 and December 31, 2025, there were no outstanding term advances from the Federal Home Loan Bank of Des Moines. At June 30, 2026 and December 31, 2025, the Company did have outstanding overnight borrowings from the Federal Home Loan Bank of Des Moines, which are included in Note 12 below.

The Bank has pledged FHLB stock, investment securities and first mortgage loans free of other pledges, liens and encumbrances as collateral for outstanding advances or borrowings. At June 30, 2026, investment securities with carrying values of approximately $281.2 million and loans with carrying values of approximately $2.11 billion were pledged as collateral for FHLB borrowings, which equated to an advance equivalent of $1.68 billion. At December 31, 2025 investment securities with carrying values of approximately $287.7 million and loans with carrying values of approximately $2.06 billion were pledged as collateral for outstanding advances or borrowings, which equated to an advance equivalent of $1.71 billion. The Bank had $1.23 billion remaining available on its line of credit under a borrowing arrangement with the FHLB of Des Moines at June 30, 2026.

NOTE 12: SHORT-TERM BORROWINGS


		June 30,			December 31,
		2026			2025

		(In Thousands)

Notes payable – Community Development Equity Funds		$	560		$	928
Securities sold under reverse repurchase agreements			39,913			48,467
Overnight borrowings from the Federal Home Loan Bank			445,000			330,000
		$	485,473		$	379,395

The Bank regularly enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition. The dollar amount of securities underlying the agreements remains in the asset accounts. The underlying securities sold in the agreements are held by the Bank during the agreement period. All agreements are written on a term of one month or less.

The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type. These securities contractually mature daily.

NOTE 13: SUBORDINATED NOTES

On June 10, 2020, the Company completed the public offering and sale of $75.0 million of its subordinated notes. The notes were due June 15, 2030, and had a fixed interest rate of 5.50% until June 15, 2025, at which time the rate was to begin floating at a rate equal to three-month term Secured Overnight Financing Rate (SOFR) plus 5.325%. The notes were sold at par, resulting in net proceeds, after underwriting discounts and commissions, legal, accounting and other professional fees, of approximately $73.5 million. Total debt issuance costs of approximately $1.5 million were deferred and amortized over the expected life of the notes, which was five years.

On June 15, 2025, in accordance with the terms of the notes, the Company redeemed all $75.0 million aggregate principal amount of the subordinated notes at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest.

Amortization of the debt issuance costs during the three and six months ended June 30, 2025, totaled $50,000 and $124,000, respectively.

NOTE 14: INCOME TAXES

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of a number of expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for some business provisions. The legislation has multiple effective dates, with some provisions that became effective in 2025 and others that will be implemented through 2027. Provisions effective in 2025 did not have a significant impact on the Company’s operations or financial statements. We continue to assess the expected impact of the OBBBA on our consolidated financial statements in future periods.

All income for the Company is from continuing operations and is from a single country, the United States of America. During the three and six months ended June 30, 2026 and 2025, the components of income tax expense were as follows:


		Three Months Ended			Three Months Ended
		June 30, 2026			June 30, 2025

		(In Thousands)
Current federal income tax expense		$	4,316		$	4,447
Current state income tax expense			241			163
Deferred income tax expense			(1,714)			(116)

Income tax expense		$	2,843		$	4,494


	Six Months Ended		Six Months Ended
	June 30, 2026		June 30, 2025

	(In Thousands)
Current federal income tax expense	$	8,720	$	8,178
Current state income tax expense		815		883
Deferred income tax expense		(2,672)		(277)

Income tax expense	$	6,863	$	8,784

Reconciliations of the Company’s effective tax rates to the statutory corporate tax rates were as follows for the periods indicated:


		Three Months Ended				Three Months Ended
		June 30, 2026				June 30, 2025
		(Dollars In Thousands)				(Dollars In Thousands)
Tax at statutory rate		$	3,914	21.0	%	$	5,099	21.0	%
Nontaxable interest and dividends			(52)	(0.3)			(99)	(0.4)
U.S. federal tax credits, net (primarily low-income housing)			(990)	(5.3)			(858)	(3.5)
State income/franchise taxes, net of federal benefit			92	0.5			345	1.4
Other			(121)	(0.6)			7	—
		$	2,843	15.3	%	$	4,494	18.5	%


		Six Months Ended				Six Months Ended
		June 30, 2026				June 30, 2025
		(Dollars In Thousands)				(Dollars In Thousands)
Tax at statutory rate		$	8,428	21.0	%	$	9,603	21.0	%
Nontaxable interest and dividends			(104)	(0.3)			(195)	(0.4)
U.S. federal tax credits, net (primarily low-income housing)			(1,979)	(4.9)			(1,717)	(3.8)
State income/franchise taxes, net of federal benefit			578	1.4			733	1.6
Other			(60)	(0.1)			360	0.8
		$	6,863	17.1	%	$	8,784	19.2	%

The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS). As a result, federal tax years through December 31, 2021 are now closed. In addition, there were no pending audits by any state jurisdiction at June 30, 2026.

During the three months ended June 30, 2026, the Company paid $1.2 million in U.S. federal income taxes and paid taxes to various state jurisdictions totaling $855,000. There were no payments to any individual state jurisdiction exceeding five percent of taxable income. During the three months ended June 30, 2025, the Company paid $3.0 million in U.S. federal income taxes and paid taxes to various state jurisdictions totaling $614,000. There were no payments to any individual state jurisdiction exceeding five percent of taxable income. In addition, during the three months ended June 30, 2025, the Company received federal income tax refunds totaling $16,000.

During the six months ended June 30, 2026, the Company paid $1.2 million in U.S. federal income taxes and paid taxes to various state jurisdictions totaling $896,000. There were no payments to any individual state jurisdiction exceeding five percent of taxable income. In addition, during the six months ended June 30, 2026, the Company received a refund of $642,000 from one state jurisdiction and federal income tax refunds totaling $977,000. During the six months ended June 30, 2025, the Company paid $3.0 million in U.S. federal income taxes and paid taxes to various state jurisdictions totaling $649,000. There were no payments to any individual state jurisdiction exceeding five percent of taxable income. In addition, during the six months ended June 30, 2025, the Company received a refund of $19,000 from one state jurisdiction and federal income tax refunds totaling $65,000.

Tax payments made to individual state jurisdictions representing five percent or more of total income taxes paid (net of refunds) in the three months ended June 30, 2026 and 2025, respectively, included: for the 2026 period, Minnesota $215,000, Texas $165,000, Illinois $160,000, Kansas $160,000 and Colorado $155,000; for the 2025 period, Illinois $250,000, Colorado $210,000, Texas $110,000 and Arizona $30,000. Tax payments made to individual state jurisdictions representing five percent or more of total income taxes paid (net of refunds) in the six months ended June 30, 2026 and 2025, respectively, included: for the 2026 period, Minnesota $215,000, Texas $165,000, Illinois $160,000, Kansas $160,000, Colorado $155,000, and Georgia $34,000; for the 2025 period, Illinois $250,000, Colorado $210,000, Texas $110,000, Arizona $30,000 and Georgia $27,000.

During the three and six months ended June 30, 2026 and 2025, the state and local jurisdictions that contributed a majority (totaling greater than 50%) of the effect of the state and local income tax expense included Minnesota, Colorado, and Illinois.

NOTE 15: DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC Topic 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also specifies a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

●

Quoted prices in active markets for identical assets or liabilities (Level 1): Inputs that are quoted unadjusted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An active market for the asset is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

●

Other observable inputs (Level 2): Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets, quoted prices for securities in inactive markets and inputs derived principally from or corroborated by observable market data by correlation or other means.

●

Significant unobservable inputs (Level 3): Inputs that reflect assumptions of a source independent of the reporting entity or the reporting entity’s own assumptions that are supported by little or no market activity or observable inputs.

Financial instruments are broken down by recurring or nonrecurring measurement status. Recurring assets are initially measured at fair value and are required to be remeasured at fair value in the financial statements at each reporting date. Assets measured on a nonrecurring basis are assets that, due to an event or circumstance, were required to be remeasured at fair value after initial recognition in the financial statements at some time during the reporting period.

The Company considers transfers between the levels of the hierarchy to be recognized at the end of related reporting periods.

Recurring Measurements

The following table presents the fair value measurements of assets recognized in the accompanying statements of financial condition measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fell at June 30, 2026 and December 31, 2025:


					Fair value measurements using
					Quoted prices
					in active
					markets			Other			Significant
					for identical			observable			unobservable
					assets			inputs			inputs
		Fair value			(Level 1)			(Level 2)			(Level 3)

		(In Thousands)
June 30, 2026
Available-for-sale securities
Agency mortgage-backed securities		$	287,134		$	—		$	287,134		$	—
Agency collateralized mortgage obligations			112,831			—			112,831			—
States and political subdivisions securities			51,695			—			51,695			—
Small Business Administration securities			52,135			—			52,135			—
Interest rate derivative asset			5,879			—			5,879			—
Interest rate derivative liability			(15,120)			—			(15,120)			—

December 31, 2025
Available-for-sale securities
Agency mortgage-backed securities		$	301,249		$	—		$	301,249		$	—
Agency collateralized mortgage obligations			115,333			—			115,333			—
States and political subdivisions securities			51,398			—			51,398			—
Small Business Administration securities			55,851			—			55,851			—
Interest rate derivative asset			5,663			—			5,663			—
Interest rate derivative liability			(11,236)			—			(11,236)			—

The following is a description of inputs and valuation methodologies used for assets recorded at fair value on a recurring basis and recognized in the accompanying statements of financial condition at June 30, 2026 and December 31, 2025 as well as the general classification of such assets pursuant to the valuation hierarchy. There were no significant changes in the valuation techniques during the six-month period ended June 30, 2026.

Available-for-Sale Securities. Investment securities available-for-sale are recorded at fair value on a recurring basis. The fair values used by the Company are obtained from an independent pricing service, which represent either quoted market prices for the identical asset or fair values determined by pricing models, or other model-based valuation techniques, that consider observable market data, such as interest rate volatilities, SOFR yield curve, credit spreads and prices from market makers and live trading systems. Recurring Level 2 securities include U.S. government agency securities, mortgage-backed securities, state and municipal bonds and certain other investments. Inputs used for valuing Level 2 securities include observable data that may include dealer quotes, benchmark yields, market spreads, live trading levels and market consensus prepayment speeds, among other things. Additional inputs include indicative values derived from the independent pricing service’s proprietary computerized models. There were no recurring Level 3 securities at June 30, 2026 or December 31, 2025.

Interest Rate Derivatives. The fair values are estimated using forward-looking interest rate curves and are determined using observable market rates and, therefore, are classified within Level 2 of the valuation hierarchy.

Nonrecurring Measurements

The following tables present the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the measurements fell at June 30, 2026 and December 31, 2025:


					Fair Value Measurements Using
					Quoted prices
					in active
					markets			Other			Significant
					for identical			observable			unobservable
					assets			inputs			inputs
		Fair value			(Level 1)			(Level 2)			(Level 3)

		(In Thousands)
June 30, 2026
Collateral-dependent loans		$	—		$	—		$	—		$	—

Foreclosed assets held for sale		$	—		$	—		$	—		$	—

December 31, 2025
Collateral-dependent loans		$	—		$	—		$	—		$	—

Foreclosed assets held for sale		$	65		$	—		$	—		$	65

The following is a description of valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying statements of financial condition, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.

Loans Held for Sale. Mortgage loans held for sale are recorded at the lower of carrying value or fair value. The fair value of mortgage loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, the Company classifies mortgage loans held for sale as Nonrecurring Level 2. Write-downs to fair value typically do not occur as the Company generally enters into commitments to sell individual mortgage loans at the time the loan is originated to reduce market risk. The Company typically does not have commercial loans held for sale. At June 30, 2026 and December 31, 2025, the aggregate fair value of mortgage loans held for sale was not materially different than their cost. Accordingly, no mortgage loans held for sale were marked down and reported at fair value.

Collateral-Dependent Loans. The Company records collateral-dependent loans as Nonrecurring Level 3. If a loan’s fair value as estimated by the Company is less than its carrying value, the Company either records a charge-off of the portion of the loan that exceeds the fair value or establishes a reserve within the allowance for credit losses specific to the loan. Loans for which such charge-offs or reserves were recorded during the six months ended June 30, 2026 and the year ended December 31, 2025, are shown in the table above (net of reserves).

Foreclosed Assets Held for Sale. Foreclosed assets held for sale are initially recorded at fair value less estimated cost to sell at the date of foreclosure. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated cost to sell. Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy. There were no foreclosed assets held for sale at June 30, 2026 which had valuation write-downs subsequent to the initial recording of the assets.

Fair Value of Financial Instruments

The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying statements of financial condition at amounts other than fair value.

Cash and Cash Equivalents and Federal Home Loan Bank Stock. The carrying amount approximates fair value.

Held-to-Maturity Securities. Fair values for held-to-maturity securities are estimated based on quoted market prices of similar securities. For these securities, the Company obtains fair value measurements from an independent pricing service, which represent either quoted market prices for the identical asset or fair values determined by pricing models, or other model-based valuation techniques, that consider observable market data, such as interest rate volatilities, SOFR yield curve, credit spreads and prices from market makers and live trading systems. These securities include U.S. government agency securities, mortgage-backed securities, state and municipal bonds and certain other investments.

Loans and Interest Receivable. The fair value of loans is estimated on an exit price basis incorporating contractual cash flows, prepayment discount spreads, credit loss and liquidity premiums. Loans with similar characteristics are aggregated for purposes of the calculations. The carrying amount of accrued interest receivable approximates its fair value.

Deposits and Accrued Interest Payable. The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date, i.e., their carrying amounts. The fair value of fixed maturity certificates of deposit is estimated based on a discounted cash flow calculation using the average advances yield curve from 11 districts of the FHLB for the as of date. The carrying amount of accrued interest payable approximates its fair value.

Short-Term Borrowings. The carrying amount approximates fair value.

Subordinated Debentures Issued to Capital Trusts. The subordinated debentures have floating rates that reset quarterly. The carrying amount of these debentures approximates their fair value.

Commitments to Originate Loans, Letters of Credit and Lines of Credit. The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date.

The following table presents estimated fair values of the Company’s financial instruments not recorded at fair value in the financial statements. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.


		June 30, 2026								December 31, 2025
		Carrying			Fair			Hierarchy		Carrying			Fair			Hierarchy
		Amount			Value			Level		Amount			Value			Level

		(In Thousands)
Financial assets
Cash and cash equivalents		$	179,981		$	179,981		1		$	189,554		$	189,554		1
Held-to-maturity securities			175,264			157,872		2			179,200			162,629		2
Mortgage loans held for sale			7,868			7,868		2			6,838			6,838		2
Loans, net of allowance for credit losses			4,307,712			4,239,792		3			4,356,853			4,261,757		3
Interest receivable			18,467			18,467		3			18,068			18,068		3
Investment in FHLBank stock and other assets			27,414			27,414		3			20,079			20,079		3

Financial liabilities
Deposits			4,302,067			4,299,632		3			4,482,774			4,480,770		3
Short-term borrowings			485,473			485,473		3			379,395			379,395		3
Subordinated debentures			25,774			25,774		3			25,774			25,774		3
Interest payable			3,080			3,080		3			3,612			3,612		3

Unrecognized financial instruments (net of contractual value)
Commitments to originate loans			—			—		3			—			—		3
Letters of credit			144			144		3			53			53		3
Lines of credit			—			—		3			—			—		3

NOTE 16: DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its assets and liabilities. In the normal course of business, the Company may use derivative financial instruments (primarily interest rate swaps) from time to time to assist in its interest rate risk management. The Company has interest rate derivatives that result from a service provided to certain qualifying loan customers that are not used to manage interest rate risk in the Company’s assets or liabilities and are not designated in a qualifying hedging relationship. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. In addition, the Company has interest rate derivatives that have been designated in a qualified hedging relationship.

Nondesignated Hedges

The Company has interest rate swaps that are not designated in a qualifying hedging relationship. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain loan customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings.

At June 30, 2026, the Company had eight interest rate swaps totaling $125.0 million in notional amount with commercial customers, and eight interest rate swaps with the same aggregate notional amount with third parties related to its program. In addition, at June 30, 2026, the Company had two participation loans purchased totaling $5.2 million, in which the lead institution has two interest rate swaps with its customer and the economics of the counterparty swap are passed along to the Company through the loan participations. At December 31, 2025, the Company had six interest rate swaps totaling $114.4 million in notional amount with commercial customers, and six interest rate swaps with the same notional amount with third parties related to its program. In addition, at December 31, 2025, the Company had one participation loan purchased totaling $199,000, in which the lead institution has an interest rate swap with its customer and the economics of the counterparty swap are passed along to the Company through the loan participation. During the three months ended June 30, 2026 and 2025, the Company recognized net gains of $5,000 and net losses of $28,000, respectively, in non-interest income related to changes in the fair value of these swaps. During the six months ended June 30, 2026 and 2025, the Company recognized net gains of $3,000 and net losses of $52,000, respectively, in non-interest income related to changes in the fair value of these swaps.

Cash Flow Hedges

Interest Rate Swaps. As a strategy to maintain acceptable levels of exposure to the risk of changes in future cash flows due to interest rate fluctuations, in October 2018, the Company entered into an interest rate swap transaction as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of the swap was $400 million with a termination date of October 6, 2025. Under the terms of the swap, the Company received a fixed rate of interest of 3.018% and paid a floating rate of interest equal to one-month USD-LIBOR. The floating rate was reset monthly and net settlements of interest due to/from the counterparty also occurred monthly. To the extent that the fixed rate of interest exceeded one-month USD-LIBOR, the Company received net interest settlements which were recorded as loan interest income. If USD-LIBOR exceeded the fixed rate of interest, the Company was required to pay net settlements to the counterparty and record those net payments as a reduction of interest income on loans.

In March 2020, the Company and its swap counterparty mutually agreed to terminate the $400 million interest rate swap prior to its contractual maturity. The Company was paid $45.9 million from its swap counterparty as a result of this termination. This $45.9 million, less the accrued interest portion and net of deferred income taxes, was reflected in the Company’s stockholders’ equity as part of Accumulated Other Comprehensive Income (AOCI). This balance was accreted to interest income on loans monthly through the original contractual termination date of October 6, 2025. This had the effect of adjusting AOCI and increasing net interest income and retained earnings over the period. The Company recorded $2.0 million and $4.0 million of interest income related to this terminated swap in the three - and six - month periods ended June 30, 2025. After October 6, 2025, the accretion of interest income related to the terminated swap concluded.

In July 2022, the Company entered into two interest rate swap transactions as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of each swap is $200 million with an effective date of May 1, 2023 and a termination date of May 1, 2028. Under the terms of one swap, the Company receives a fixed rate of interest of 2.628% and pays a floating rate of interest equal to one-month USD-SOFR OIS. Under the terms of the other swap, the Company receives a fixed rate of interest of 5.725% and pays a floating rate of interest equal to one-month USD-Prime. In each case, the floating rate resets monthly and net settlements of interest due to/from the counterparty also occur monthly. To the extent the fixed rate of interest exceeds the floating rate of interest, the Company receives net interest settlements, which are recorded as loan interest income. If the floating rate of interest exceeds the fixed rate of interest, the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans. At June 30, 2026, the USD-Prime rate was 6.75% and the one-month USDSOFR OIS rate was 3.63179%. The Company recorded a reduction of loan interest income related to these swap transactions of $1.0 million and $1.8 million in the three months ended June 30, 2026 and 2025, respectively. The Company recorded a reduction of loan interest income related to these swap transactions of $2.1 million and $3.5 million in the six months ended June 30, 2026 and 2025, respectively.

The effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affected earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. During the three and six months ended June 30, 2026 and 2025, the Company recognized no non-interest income related to changes in the fair value of these derivatives.

The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification in the Consolidated Statements of Financial Condition, at the dates indicated:


		Location in		Fair Value
		Consolidated Statements		June 30,			December 31,
		of Financial Condition		2026			2025

				(In Thousands)
Derivatives designated as hedging instruments
Active interest rate swaps		Accrued expenses and other liabilities		$	9,261		$	5,590

Total derivatives designated as hedging instruments				$	9,261		$	5,590

Derivatives not designated as hedging instruments
Asset Derivatives
Interest rate products		Prepaid expenses and other assets		$	5,879		$	5,663

Total derivatives not designated as hedging instruments				$	5,879		$	5,663

Liability Derivatives
Interest rate products		Accrued expenses and other liabilities		$	5,859		$	5,646

Total derivatives not designated as hedging instruments				$	5,859		$	5,646

The following table presents, for the periods indicated, the effect of cash flow hedge accounting through AOCI on the statements of comprehensive income:


	Amount of Gain (Loss)
	Recognized in AOCI
	Three Months Ended June 30,
Cash Flow Hedges	2026		2025

	(In Thousands)
Terminated interest rate swap, net of income taxes	$	—	$	(1,562)
Active interest rate swaps, net of income taxes		(1,378)		2,671
	$	(1,378)	$	1,109


	Amount of Gain (Loss)
	Recognized in AOCI
	Six Months Ended June 30,
Cash Flow Hedges	2026		2025

	(In Thousands)
Terminated interest rate swap, net of income taxes	$	—	$	(3,108)
Active interest rate swaps, net of income taxes		(2,768)		6,852
	$	(2,768)	$	3,744

The following table presents, for the periods indicated, the effect of cash flow hedge accounting on the statements of income:


		Three Months Ended June 30,
Cash Flow Hedges		2026						2025
		Interest			Interest			Interest			Interest
		Income			Expense			Income			Expense

		(In Thousands)
Total Interest Income		$	72,461		$	—		$	80,975		$	—
Total Interest Expense			—			22,968			—			30,012
		$	72,461		$	22,968		$	80,975		$	30,012

Terminated interest rate swap		$	—		$	—		$	2,025		$	—
Active interest rate swaps			(1,022)			—			(1,757)			—
		$	(1,022)		$	—		$	268		$	—


	Six Months Ended June 30,
Cash Flow Hedges	2026						2025
	Interest			Interest			Interest			Interest
	Income			Expense			Income			Expense

	(In Thousands)
Total Interest Income	$	143,626		$	—		$	161,218		$	—
Total Interest Expense		—			45,805			—			60,921
	$	143,626		$	45,805		$	161,218		$	60,921

Terminated interest rate swap	$	—		$	—		$	4,028		$	—
Active interest rate swaps		(2,053)			—			(3,499)			—
	$	(2,053)		$	—		$	529		$	—

Agreements with Derivative Counterparties

The Company has agreements with its derivative counterparties. If the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Bank fails to maintain its status as a well-capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. Similarly, the Company could be required to settle its obligations under certain of its agreements if certain regulatory events occur, such as the issuance of a formal directive, or if the Company’s credit rating is downgraded below a specified level.

At June 30, 2026, the termination value of derivative agreements with our derivative dealer counterparties (related to loan level swaps with commercial lending customers and interest rate swaps to hedge risk related to the Company’s variable rate loans) in an overall net asset position, which included accrued interest but excluded any adjustment for nonperformance risk, was $20,000. The Company has minimum collateral posting thresholds with its derivative dealer counterparties. At June 30, 2026, the Company had given cash collateral to one derivative counterparty of $4.0 million to cover its net fair value position. This counterparty position included collateral from the counterparty of $5.8 million for commercial lending swaps and collateral from the Company of $9.6 million for interest rate swaps related to variable rate loans.

At December 31, 2025, the termination value of derivative agreements with our derivative dealer counterparties (related to loan level swaps with commercial lending customers and interest rate swaps to hedge risk related to the Company’s variable rate loans) in an overall net asset position, which included accrued interest but excluded any adjustment for nonperformance risk, was $17,000. At December 31, 2025, the Company had given cash collateral to one derivative counterparty of $1.6 million to cover its net fair value position. This counterparty position included collateral from the counterparty of $4.5 million for commercial lending swaps and collateral from the Company of $6.0 million for interest rate swaps related to variable rate loans.

If the Company had breached any of these provisions at June 30, 2026 or December 31, 2025, it could have been required to settle its obligations under the agreements at the termination value. Under the collateral agreements between the parties, either party may choose to provide cash or securities to satisfy its collateral requirements.

NOTE 17: OPERATING SEGMENTS

The Company’s banking operation is its only operating segment. The banking operation is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others. The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. The parent holding company does not have any significant operations other than ownership of the Bank, and the parent holding company’s only income is equity in the earnings of the Bank.

Our chief executive officer is our chief operating decision maker. Our chief executive officer reviews actual net income versus budgeted net income, as well as comparisons to other financial reporting periods, to assess performance on a monthly basis and to make decisions about allocating capital and personnel.

Financial results by operating segment (all attributed to the banking segment), including significant expense categories provided to the chief operating decision maker, are detailed below for the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,
	2026		2025

	(In Thousands)
Interest income	$	72,461	$	80,975
Interest expense		22,968		30,012
Net interest income		49,493		50,963

Credit loss income (expense)		8		(110)
Net interest income after credit loss expense		49,485		51,073

Non-interest Income
Commissions		641		411
Overdraft and insufficient funds fees		1,248		1,266
Point-of-sale and ATM fee income and service charges		3,392		3,444
Net gain on loan sales		795		893
Late charges and fees on loans		305		340
Fees from debit card contracts		345		368
Other income		649		1,490
		7,375		8,212

Non-interest Expense
Salaries and incentives		16,765		16,275
Employee benefits		3,926		3,730
Net occupancy expense		4,710		3,003
Technology, furniture and equipment expense		5,973		5,432
Postage		889		825
Insurance		1,099		1,095
Advertising		836		705
Office supplies and printing		197		238
Telephone		705		705
Legal, audit and other professional fees		967		929
Expense (income) on other real estate and repossessions		(85)		(168)
Intangible asset amortization		108		108
Travel meals and entertainment		719		711
Other operating expenses		1,413		1,417
		38,222		35,005

Income Before Income Taxes		18,638		24,280
Provision for Income Taxes		2,843		4,494
Net Income	$	15,795	$	19,786


	Six Months Ended June 30,
	2026		2025

	(In Thousands)
Interest income	$	143,626	$	161,218
Interest expense		45,805		60,921
Net interest income		97,821		100,297

Credit loss expense		(923)		(458)
Net interest income after credit loss expense		98,744		100,755

Non-interest Income
Commissions		1,256		673
Overdraft and insufficient funds fees		2,479		2,481
Point-of-sale and ATM fee income and service charges		6,493		6,678
Net gain on loan sales		1,514		1,494
Late charges and fees on loans		441		583
Fees from debit card contracts		754		868
Other income		1,467		2,025
		14,404		14,802

Non-interest Expense
Salaries and incentives		32,855		32,478
Employee benefits		7,907		7,656
Net occupancy expense		7,885		6,382
Technology, furniture and equipment expense		11,662		10,586
Postage		1,814		1,756
Insurance		2,171		2,260
Advertising		1,208		995
Office supplies and printing		419		504
Telephone		1,390		1,411
Legal, audit and other professional fees		1,657		1,967
Expense (income) on other real estate and repossessions		(31)		(238)
Intangible asset amortization		216		216
Travel meals and entertainment		984		950
Other operating expenses		2,877		2,904
		73,014		69,827

Income Before Income Taxes		40,134		45,730
Provision for Income Taxes		6,863		8,784
Net Income	$	33,271	$	36,946

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking Statements

When used in this Quarterly Report on Form 10-Q and in other documents filed or furnished by Great Southern Bancorp, Inc. (the “Company”) with or to the Securities and Exchange Commission (the “SEC”), in the Company’s press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.

Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and the Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Critical Accounting Policies, Judgments and Estimates

The accounting and financial reporting policies of the Company conform to accounting principles generally accepted in the United States and general practices within the financial services industry. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.

Allowance for Credit Losses and Valuation of Foreclosed Assets

The Company believes that the determination of the allowance for credit losses involves a higher degree of judgment and complexity than its other significant accounting policies. The allowance for credit losses is calculated with the objective of maintaining an allowance level believed by management to be sufficient to absorb estimated credit losses. The allowance for credit losses is measured using an average historical loss model that incorporates relevant information about past events (including historical credit loss experience on loans with similar risk characteristics), current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics, including borrower type, collateral and repayment types and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily classified loans with a balance of $100,000 or more, are evaluated on an individual basis.

For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using the Company’s historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and outstanding loan balances during a lookback period. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. In certain loan pools, if the Company’s own historical loss rate is not reflective of the loss expectations, the historical loss rate is augmented by industry and peer data. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given economic forecasts of key macroeconomic variables including, but not limited to, unemployment rate, GDP, commercial real estate price index, consumer sentiment and construction spending. The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates. The forecast is used for a reasonable and supportable period before reverting to historical averages using a straight-line method. The forecast-adjusted loss rate is applied to the principal balance over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions, renewals and modifications. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecasts such as changes in portfolio composition, underwriting practices, or significant unique events or conditions.

See Note 6 “Loans and Allowance for Credit Losses” in the Notes to Consolidated Financial Statements included in this report for additional information regarding the allowance for credit losses. Inherent in this process is the evaluation and risk assessment of individual credit relationships. From time to time, certain credit relationships may deteriorate due to changes in payment performance, cash flow of the borrower, value of collateral, or other factors. Due to these changing circumstances, management may revise its loss estimates and assumptions for these specific credits. In some cases, losses may be realized; in other instances, the factors that led to the deterioration may improve or the credit may be refinanced elsewhere and allocated allowances may be released from the particular credit.

In addition, the Company considers that the determination of the valuation of foreclosed assets held for sale involves a high degree of judgment and complexity. The carrying value of foreclosed assets reflects management’s best estimate of the amount to be realized from the sale of the assets. While the estimate is generally based on a valuation by an independent appraiser or recent sales of similar properties, the amount that the Company realizes from the sale of the assets could differ materially from the carrying value reflected in the financial statements, resulting in gains or losses that could materially impact earnings in future periods.

Goodwill and Intangible Assets

Goodwill and intangible assets that have indefinite useful lives are subject to an impairment test at least annually and more frequently if circumstances indicate their value may not be recoverable. Goodwill is tested for impairment using a process that estimates the fair value of each of the Company’s reporting units compared with its carrying value. The Company defines reporting units as a level below each of its operating segments for which there is discrete financial information that is regularly reviewed. As of June 30, 2026, the Company had one reporting unit to which goodwill has been allocated – the Bank. If the fair value of a reporting unit exceeds its carrying value, then no impairment is recorded. If the carrying value exceeds the fair value of a reporting unit, further testing is completed comparing the implied fair value of the reporting unit’s goodwill to its carrying value to measure the amount of impairment. Intangible assets that are not amortized are tested for impairment at least annually by comparing the fair values of those assets to their carrying values. At June 30, 2026, goodwill consisted of $5.4 million at the Bank reporting unit, which included goodwill of $4.2 million that was recorded during 2016 related to the acquisition of 12 branches and the assumption of related deposits in the St. Louis market. Other identifiable deposit intangible assets that were subject to amortization were amortized on a straight-line basis over a period of seven years and have been fully amortized.

In April 2022, the Company, through its subsidiary Great Southern Bank, entered into a naming rights agreement with Missouri State University related to the main arena on its campus in Springfield, Missouri. The terms of the agreement provide the naming rights to Great Southern Bank for a total cost of $5.5 million, to be paid over a period of seven years. The Company has been amortizing the naming rights intangible assets through non-interest expense over a period not to exceed 15 years.

At June 30, 2026, the amortizable intangible assets included the arena naming rights of $4.0 million, which are reflected in the table below. These amortizable intangible assets are reviewed for impairment if circumstances indicate their value may not be recoverable based on a comparison of fair value. During both the three months ended June 30, 2026 and 2025, the amortization expense of the arena naming rights was $108,000. During both the six months ended June 30, 2026 and 2025, the amortization expense of the arena naming rights was $217,000.

For purposes of testing goodwill for impairment, the Company uses a market approach to value its reporting unit. The market approach applies a market multiple, based on observed purchase transactions for each reporting unit, to the metrics appropriate for the valuation of the operating unit. Significant judgment is applied when goodwill is assessed for impairment. This judgment may include developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables and incorporating general economic and market conditions.

Management does not believe any of the Company’s goodwill or other intangible assets were impaired as of June 30, 2026. While management believes no impairment existed as of June 30, 2026, different conditions or assumptions used to measure fair value of the reporting unit, or changes in cash flows or profitability, if significantly negative or unfavorable, could have a material adverse effect on the outcome of the Company’s impairment evaluation in the future.

A summary of goodwill and intangible assets as of the dates indicated is as follows:


	June 30,		December 31,
	2026		2025

	(In Thousands)
Goodwill – Branch acquisitions	$	5,396	$	5,396
Arena Naming Rights		4,048		4,264
	$	9,444	$	9,660

Current Economic Conditions

Changes in economic conditions could cause the values of assets and liabilities recorded in the Company’s financial statements to fluctuate rapidly, resulting in material future adjustments to asset values, the allowance for credit losses, or capital that could negatively affect the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity. Following the housing and mortgage crisis and correction beginning in mid-2007, the United States entered an economic downturn. Unemployment rose from 4.7% in November 2007 to peak at 10.0% in October 2009. Economic conditions improved in the subsequent years, as indicated by higher consumer confidence levels, increased economic activity and low unemployment levels. The U.S. economy continued to operate at historically strong levels until the COVID-19 pandemic in March 2020, which severely affected tourism, labor markets, business travel, immigration, and the global supply chain, among other areas. The economy plunged into recession in the first quarter of 2020, as efforts to contain the spread of the coronavirus forced all but essential business activity, or any work that could not be done from home, to stop, shuttering factories, restaurants, entertainment, sporting events, retail shops, personal services, and more.

More than 22 million jobs were lost in March and April 2020 as businesses closed their doors or reduced their operations, sending employees home on furlough or layoffs. With uncertain incomes and limited buying opportunities, consumer spending plummeted. As a result, gross domestic product (GDP), the broadest measure of the nation’s economic output, plunged. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a fiscal relief bill passed by Congress and signed by the President in March 2020, injected approximately $3 trillion into the economy through direct payments to individuals and loans to small businesses intended to help keep employees on their payroll, fueling a historic bounce-back in economic activity.

Total fiscal support to the economy throughout the pandemic, including the CARES Act, the American Rescue Plan of March 2021, and several smaller fiscal packages, totaled well over $5 trillion. The amount of this support was equal to almost 25% of pre-pandemic 2019 GDP and approximately three times the level of support provided during the global financial crisis of 2007-2008.

Additionally, the Federal Reserve acted decisively by slashing its benchmark interest rate to near zero and ensuring credit availability to businesses, households, and municipal governments. The Federal Reserve’s efforts largely insulated the financial system from the problems in the economy, a significant difference from the financial crisis of 2007-2008. Purchases of Treasury and agency mortgage-backed securities totaling $120 billion each month by the Federal Reserve commenced shortly after the pandemic began. In November 2021, the Federal Reserve began to taper its quantitative easing (QE), winding down its bond purchases with its final open market purchase conducted on March 9, 2022. The federal government deficit was $2.8 trillion in fiscal 2021, close to $1.4 trillion in fiscal 2022, and $1.7 trillion in fiscal 2023. The Federal Reserve aggressively raised the federal funds interest rates from early 2022 through mid - 2023, pushing the federal funds rate to more than 5.50%, its highest level in 22 years. The Federal Reserve’s actions were motivated by surging inflation in 2021 caused by pandemic-fueled spending, which outpaced the ability of producers to supply goods and services after having been impacted by COVID-related shutdowns and clogged transportation systems. The Federal Reserve made some headway in its attempt to force inflation down. The federal funds rate range was between 5.25% to 5.50% until mid-September 2024. The target range decreased in December 2025 to 3.50%-3.75%, which carried over to the first half of 2026.

The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, eased from its peak of 7.1% in June 2022 to 2.9% in December 2023. At June 30, 2026, Core PCE, which excludes food and energy prices, rose to 3.3% from 2.6% one year ago; the Federal Reserve’s target is 2%.

Based on Moody’s U.S. Baseline Outlook and Alternative Scenarios Analysis dated July 2026, real GDP grew in the first quarter of 2026 by 2.1% based on the third estimate from the Bureau of Economic Analysis. The July 2026 outlook on GDP growth for 2026 and 2027 is 2.2% and 1.9%, respectively, compared to April 2026’s report of 2.3% for 2026 and 1.7% for 2027.

Employment

The national unemployment rate changed minimally to 4.2% for June 2026 compared to 4.3% for May 2026. The number of unemployed individuals was 7.1 million as of June 2026. Leisure and hospitality employment declined by 61,000 in June 2026, reflecting weaker than usual seasonal hiring, but employment continued to trend up in professional and business services, social assistance, and health care.

As of June 2026, the labor force participation rate (the share of working-age Americans employed or actively looking for a job) decreased by 0.3% to 61.5%. The unemployment rate for the Midwest, where the Company conducts most of its business, decreased from March 2026 at 4.2% to June 2026 at 4.0%. Unemployment rates for June 2026 in the states where the Company has a branch or a loan production office were as follows: Arizona at 4.9%, Arkansas at 4.1%, Colorado at 3.9%, Georgia at 3.4%, Illinois at 5.1%, Iowa at 3.2%, Kansas at 3.8%, Minnesota at 4.4%, Missouri at 3.7%, Nebraska at 2.9%, North Carolina at 3.6%, and Texas at 4.4%. These rates are relatively unchanged for a majority of those states compared to March 2026.

Single Family Housing

Existing-home sales decreased 2.4% in June 2026, compared to May 2026, to a seasonally adjusted annual rate of 4.09 million; year-over-year existing home sales decreased 2.8%. In the Midwest, existing-home sales decreased to 3.0% in June 2026 at an annual rate of $980,000, up 2.1% from one year earlier.

The median existing-home sales price rose 1.8% from June 2025 to $432,700 in June 2026. The median price in the Midwest in June 2026 was $346,600, up 2.7% from June 2025. The South region reported a median price increase when compared to the prior year of 0.9% and the West region reported a median price increase when compared to the prior year of 0.9%.

Total housing inventory registered at the end of June 2026 was 1.56 million units, down 0.6% from May 2026 and up 1.3% from one year ago. Unsold inventory sat at a 4.6-month supply at the end of June 2026, up from 4.5 months in May 2026 and up 4.6 months from one year ago.

New home construction dropped precipitously after the financial crisis of 2007-2008 and has yet to fully recover. Issues contributing to the country’s current housing shortage include increasing labor and materials costs, availability of building materials, increased interest rates and tighter lending underwriting standards. Single-family housing starts in June 2026 were at an annual rate of 895,000, 0.2% below the revised figure for May 2026 of 897,000.

Sales of new single‐family houses in June 2026 were at a seasonally adjusted annual rate of 628,000 according to the U.S. Census Bureau and the Department of Housing and Urban Development. This was 1.6% above the May 2026 rate of 618,000 and 5.6% below the June 2025 rate of 665,000.

The median sales price of new houses sold in June 2026 was $398,300, which was 3.3% below the May 2026 median of $412,000. The seasonally adjusted estimate of new houses for sale at the end of June 2026 represented a supply of 9.3 months at the current sales rate.

According to Freddie Mac, the average commitment rate for a 30-year, fixed-rate mortgage was 6.55% as of July 22, 2026, down from 6.75% one year ago.

Other Residential (Multi-Family) Housing and Commercial Real Estate

According to CoStar, the U.S. apartment market is moving toward improved supply-demand balance, but conditions remain soft. Net deliveries in the second quarter of 2026 slowed to 113,000 units, which is down 25% from a year earlier. Construction starts have dropped to their lowest level in more than a decade, reflecting declining rent trends, longer lease-up timelines, higher capital costs, and tighter lending standards. Deliveries are reducing from their peak, yet supply is still projected to run above normal absorption, pushing vacancy higher through the second half of 2026. Vacancy rates overall decreased to 8.1% in the second quarter of 2026, with vacancy of 10.1% for 4- & 5-star buildings, at 8.1% among 3-star buildings, and 6.2% for 1- & 2-star buildings. Geographic variation remains a distinguishing feature of multifamily performance. Vacancies are rising most in the South and Mountain regions, where new supply has been concentrated, while Midwest and Northeast markets remain more balanced. Among the 50 largest markets, vacancy is among the highest in San Antonio, Memphis, and Austin.

Per CoStar, developers pushed supply to a 40-year high in 2024, with annual net deliveries peaking above 690,000 units in the fourth quarter of the year. Annual supply fell by 24% by year-end 2025, to approximately 529,000 units, and is projected to decline by more than 27% in 2026 to approximately 385,000 units at year-end 2026, the lowest level since 2019. The effect of the slowdown is uneven across the nation. Phoenix, Denver, and Austin are forecasting significant delivery/supply cuts. Under-construction volumes also fell sharply in the first half of 2026, including declines of more than 6,700 units in Dallas-Fort Worth, 4,200 units in Houston, and notable reductions in Charlotte as well. If sustained, this pullback in new supply would support excess inventory absorption in overbuilt Sun Belt markets, helping stabilize vacancy and support a return to stronger rent growth by early 2027.

Sale transaction activity continued to expand in the second quarter of 2026, albeit slower than the first quarter of 2026, at 3,600 transactions versus 18,000 properties in the first quarter. The change in pace stems from a combination of meager rent growth and a modest repricing of interest rate expectations. Activity remains concentrated in large, liquid markets where asset quality is consistent. Those markets include Atlanta, Chicago, and Phoenix to name a few. Cap rates have also stabilized for 4- and 5-star assets, between 5% and 5.5%, with premier assets occasionally dipping into the upper 4% territory. Comparatively, 3-Star properties are more likely to trade between 5.75% to 6.25%.

Our market areas reflected the following apartment vacancy levels as of June 2026: Springfield, Missouri at 8.7%, St. Louis 10.0%, Kansas City 8.5%, Minneapolis at 6.1%, Dallas-Fort Worth 11.6%, Chicago 5.2%, Atlanta 10.9%, Phoenix 11.2%, Denver 10.3% and Charlotte, North Carolina 11.7%.

The office sector continued to see demand rebound in the first half of 2026, with growth in the last four consecutive quarters. The national vacancy rate fell to 13.9% as of June 30, 2026 from a record high of 14.2% at midyear 2025. Given the overall improvement in performance, the forecast anticipates a continued high level of vacancy through the remainder of 2026, followed by a gradual decrease, driven primarily by an ongoing supply-side adjustment. This has all occurred despite an overall lack of hiring by firms in the traditional office-using powerhouse industries of information, finance, and professional services. Collectively, organizations in these knowledge-based economic sectors have shed roughly 675,000 jobs since early 2023. The long-term projections are still uncertain on how much recovery the office market will see.

The demand recovery is complex and variable both across and within the country’s major cities according to CoStar. Only about half of major metro areas have posted occupancy gains in the past 12 months, a historically unique occurrence which indicates the fragmented nature of the market. Leasing volumes remain depressed in many markets, including Atlanta, Chicago, Los Angeles, Seattle, and Washington, DC. Furthermore, the composition of tenants in the market has shifted. The number of lease deals executed in the first half of 2026 was the most in a decade. However, per CoStar, the average size remains roughly 15% smaller than in the late 2010s, a geographically broad trend that has persisted for the past two years.

Office asking rents have risen little since early 2020, while effective rents have fallen significantly. Class A prime location rents have increased sharply in some submarkets, with demand concentrating in premium buildings. Meanwhile, Class A buildings in non-premium buildings have struggled until recently to maintain steady rents. Constricting availability has helped to stabilize rents in this tier of buildings in some markets, but not all. In certain submarkets, highly amenitized and/or transit-oriented areas, asking rents have resumed growth at or above the rate of inflation.

Second quarter 2026 sales volume dipped slightly from the first quarter of 2026. After five years of negative net absorption, demand was positive in each of the last four quarters as new construction came to a halt and headline vacancy ticked slightly lower. While the overall fundamental picture for office space remains persistent in the near term, the acceleration in trades suggests capital is increasingly positioning ahead of what could be a turning point for the sector. The broadening of buyer activity continues to support improving liquidity, even as underwriting practices remain tempered and business plans rely more on asset-level execution than market-driven rent growth. If absorption continues to improve as it has done in the last four quarters and pricing momentum continues, transaction activity is likely to remain on an upward path.

As of June 2026, national office vacancy rates remained stable at 13.9%, while our market areas reflected the following vacancy levels: Springfield, Missouri at 3.9%, St. Louis at 11%, Kansas City 9.9%, Minneapolis 12.5%, Dallas-Fort Worth at 17.4%, Chicago at 17.0%, Atlanta at 16.4%, Denver at 18.5%, Phoenix at 15.8% and Charlotte, North Carolina at 13.1%.

The U.S. retail market leveled out in the second quarter of 2026. While discretionary spending has slowed and operating costs have risen, the impact on overall market health has been contained. Strong backfill demand and limited new supply helped keep availability stable, emphasizing the sector’s ongoing supply-constrained nature. While downside risks remain, including renewed closure pressure tied to discretionary spending, refinancing challenges for mid-tier retailers and broader macro uncertainty amid higher energy prices, the market’s low supply base positions the retail sector to remain in relative balance through the remainder of 2026.

Leasing activity remained a key point of strength in 2025 and in the first half of 2026. Estimated leasing volume exceeded 54 million SF in the second quarter of 2026, marking the strongest pace recorded since early 2024 and reinforcing the depth of tenant demand for well-located space. Market participants continue to report rapid backfilling of second-generation vacancies, particularly in centers with strong traffic and visibility. The median time to lease remains near historic lows, and the share of available space leased each quarter continues to run above historical norms, reflecting sustained competition for high-quality inventory.

Retail rent growth continued to moderate through the second quarter of 2026, with the national average asking rent hovering around 2.0% year-over year. While near term rent growth has slowed, longer term spreads remain elevated, providing landlords with meaningful rent roll-up on lease resets. Rent performance continues to vary widely across markets. Several Sun Belt metros, including Phoenix, Orlando, Atlanta, and Charlotte, continue to post annual rent gains of 3-5%. This is supported by population growth as well as tenant demand. Simultaneously, multiple Midwestern markets have emerged as relative outperformers, posting above-average gains as rent growth broadens geographically. Looking ahead, rent growth is expected to remain restrained, but stable, over the next several quarters. However, much of this space is expected to backfill quickly given the persistent shortage of quality inventory and minimal new construction. As a result, rent growth is forecast to remain subdued but stable over the next several quarters. Smaller, well-located spaces and fast-growing metros are expected to continue outperforming, while assets in slower-growth markets face ongoing challenges.

During the second quarter of 2026, national retail vacancy rates remained steady at 4.3% while our market areas reflected the following vacancy levels: Springfield, Missouri at 2.5%, St. Louis at 3.9%, Kansas City at 4.7%, Minneapolis at 2.6%, Dallas-Fort Worth at 5.1%, Chicago at 4.9%, Atlanta at 4.4%, Phoenix at 4.8%, Denver at 4.4%, and Charlotte, North Carolina at 3.3%.

Current U.S. industrial market performance continues to favor the tenant, reporting a decade-long high vacancy rate of 7.4% at June 30, 2026. While net absorption has recovered from soft activity, a supply overhang remains. Assuming the economy continues to expand, albeit at a reduced sub-2% real GDP growth rate, according to Oxford Economics, vacancy is forecast to increase through the remainder of 2026, peaking below 8%, and to begin declining in 2027 as deliveries moderate. Going forward, continued trade uncertainty remains a drag on demand, specifically for national and regional logistics distribution hubs. Consumer spending on goods could weaken due to inflationary shocks and a reduction in real household incomes.

Due to elevated vacancy rates and slower leasing, year-over-year rent growth slowed to 1.2% for June 2026, its lowest rate since 2012. Annual asking rent growth has pulled back across various size groups, declining roughly 2.7% for spaces larger than 50,000 square feet, remaining flat for leases between 25,000 and 50,000 square feet, and rising less than 1% for smaller spaces. Competitive lease-up of new supply and elevated availability in older buildings continue to pressure landlord pricing power. While small-bay space remains the most liquid segment of the market, rising availability across most size ranges points to continued near-term softness in rent growth across markets and property types. However, due to record rent growth from 2021 through 2023, owners in many markets are still able to raise in-place rents when their tenants’ long-term leases expire. In the near term, rents for big-box logistics buildings of up to 500,000 SF are likely to remain soft due to elevated supply availability in most markets. Large industrial buildings in markets with the most saturated speculative development, such as Austin, Indianapolis, Phoenix, and San Antonio, are most at risk.

Sales volume increased to approximately $26 billion in the second quarter of 2026. This drive was carried forward from 2025, when total sales surpassed $80 billion, making it the third strongest year on record. Deal flow continues to skew toward the extremes. Transactions under $10 million remain the most active segment, while the $10 million to $50 million range has not progressed as far. Meanwhile, institutional capital has returned to the high end of the market, with sales over $50 million gaining share and showing renewed traction. Cap rates have expanded roughly 150 basis points and now typically hover in the mid-5% to 6% range. Pricing risk remains level as construction deliveries continue to slow.

For the second quarter of 2026, national industrial vacancy was 7.4% while our market areas reflected the following industrial vacancy levels: Springfield, Missouri at 1.5%, St. Louis at 5.6%, Kansas City at 5.9%, Minneapolis 4.5%, Dallas-Fort Worth at 8.2%, Chicago at 5.5%, Atlanta at 8.7%, Phoenix at 10.6%, Denver at 9.0% and Charlotte, North Carolina at 10.0%.

Our management will continue to monitor regional, national, and global economic indicators such as unemployment, GDP, housing starts and prices, consumer sentiment, commercial real estate price index and commercial real estate occupancy, absorption and rental rates, as these could significantly affect customers in each of our market areas.

For discussion of the risk factors associated with multi-family and commercial real estate loans, see “Risk Factors – Risks Relating to Lending Activities – Our loan portfolio possesses increased risk due to our relatively high concentration of commercial and residential construction, commercial real estate, other residential (multi-family) and other commercial loans” and “Risk Factors – Risks Relating to Regulation – We currently exceed thresholds defined in interagency guidance on commercial real estate concentrations, and as such, we may incur additional expense or slow the growth of certain categories of commercial real estate lending” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

General

The profitability of the Company and, more specifically, the profitability of its primary subsidiary, the Bank, depends primarily on net interest income, as well as provisions for credit losses and the level of non-interest income and non-interest expense. Net interest income is the difference between the interest income the Bank earns on its loans and investment securities, and the interest it pays on interest-bearing liabilities, which consists mainly of interest paid on deposits and borrowings. Net interest income is affected by the relative amounts of interest-earning assets and interest-bearing liabilities and the interest rates earned or paid on these balances. When interest-earning assets approximate or exceed interest-bearing liabilities, any positive interest rate spread will generate net interest income.

Great Southern’s total assets decreased $75.8 million, or 1.4%, from $5.60 billion at December 31, 2025, to $5.52 billion at June 30, 2026. Details of the current period changes in total assets are provided below, under “Comparison of Financial Condition at June 30, 2026 and December 31, 2025.”

Loans. Net outstanding loans decreased $49.1 million from December 31, 2025, to $4.31 billion at June 30, 2026. The decrease was primarily in commercial real estate loans and other residential (multi-family) loans, partially offset by an increase in construction loans. As loan demand is affected by a variety of factors, including general economic conditions, and because of the competition we face and our focus on pricing discipline and credit quality, no assurance can be given that our loan growth will match or exceed the average level of growth achieved in prior years. The Company’s strategy continues to be focused on maintaining credit risk and interest rate risk at appropriate levels.

Until 2025, the Company had experienced total loans receivable balances that were stable to growing. Total commercial real estate and commercial construction balances were fairly stable over the preceding five years. One- to four-family loan totals increased in 2022 and have since decreased each year. Recent significant growth occurred in other residential (multi-family) loans up until 2025; however, other residential (multi-family) loan balances decreased in 2025 and in the first six months of 2026. Most of Great Southern’s loans are generated in its primary lending locations, including Springfield, St. Louis, Kansas City, Des Moines and Minneapolis, as well as our loan production offices in Atlanta, Charlotte, Chicago, Dallas, Denver and Phoenix. Certain minimum underwriting standards and monitoring help assure the Company’s portfolio quality. All new loan originations that exceed lender approval authorities are subject to review and approval by Great Southern’s loan committee. Generally, the Company considers commercial construction, consumer, other residential (multi-family) and commercial real estate loans to involve a higher degree of risk compared to some other types of loans, such as first mortgage loans on one- to four-family, owner-occupied residential properties. For other residential (multi-family), commercial real estate, commercial business and construction loans, the credits are subject to an analysis of the borrower’s and guarantor’s financial condition, credit history, verification of liquid assets, collateral, market analysis and repayment ability. It has been, and continues to be, Great Southern’s practice to verify information from potential borrowers regarding assets, income or payment ability and credit ratings as applicable and as required by the authority approving the loan. To minimize construction risk, projects are monitored as construction draws are requested by comparison to budget and with progress

verified through property inspections. The geographic and product diversity of collateral, equity requirements and limitations on speculative construction projects help to mitigate overall risk in these loans. Underwriting standards for all loans also include loan-to-value ratio limitations, which vary depending on collateral type, debt service coverage ratios or debt payment to income ratio guidelines, where applicable, credit histories, use of guaranties and other recommended terms relating to equity requirements, amortization, and maturity. Consumer loans, other than home equity loans, are primarily secured by new or used motor vehicles and these loans are subject to underwriting standards designed to assure portfolio quality. In 2019, the Company discontinued indirect auto loan originations.

While our policy allows us to lend up to 95% of the appraised value on one- to four-family residential properties, originations of loans with loan-to-value ratios at that level are minimal. Private mortgage insurance is typically required for loan amounts above the 80% level. Few exceptions occur and would be based on analyses which determined minimal transactional risk to be involved. We consider these lending practices to be consistent with or more conservative than what we believe to be the norm for banks our size. At both June 30, 2026 and December 31, 2025, 0.2% of our owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination. At June 30, 2026 and December 31, 2025, 0.2% and 0.4% of our non-owner occupied one- to four-family residential loans had loan-to-value ratios above 100% at origination, respectively.

The level of non-performing loans and foreclosed assets affects our net interest income and net income. We generally do not accrue interest income on these loans and do not recognize interest income until the loans are repaid or interest payments have been made for a period of time sufficient to provide evidence of improved repayment ability on the loans. Generally, the higher the level of non-performing assets, the greater the negative impact on interest income and net income.

Available-for-sale Securities. In the six months ended June 30, 2026, available-for-sale securities decreased $20.0 million, or 3.8%, from $523.8 million at December 31, 2025, to $503.8 million at June 30, 2026 due to monthly principal payments on investment securities and decreases in market value of the available-for-sale securities. For further information on investment securities, see Note 5 to the accompanying financial statements contained in this Report.

Held-to-maturity Securities. In the six months ended June 30, 2026, held-to-maturity securities decreased $3.9 million, or 2.2%, from $179.2 million at December 31, 2025, to $175.3 million at June 30, 2026, due to principal payments on mortgage-backed securities and collateralized mortgage obligations.

Deposits. The Company attracts deposit accounts through its retail branch network, correspondent banking and corporate services areas, internet channels and brokered deposits. The Company then utilizes these deposit funds, along with FHLBank advances and other borrowings, to meet loan demand or otherwise fund its activities. In the six months ended June 30, 2026, total deposit balances decreased $180.7 million, or 4.0%. Compared to December 31, 2025, brokered deposits decreased $87.8 million, transaction account balances decreased $56.0 million, or 1.8%, to $3.07 billion, and retail certificates of deposit decreased $36.9 million, or 5.4%, to $651.5 million at June 30, 2026. The decrease in transaction accounts was primarily a result of a decrease in various money market accounts, as non-interest-bearing checking accounts increased $35.8 million. Retail time deposits decreased due to a decrease in retail certificates generated or maintained through the banking center network. Competition for time deposits has been, and remains, significant in most of our markets. Brokered deposits, including IntraFi program purchased funds, were $575.6 million and $663.4 million at June 30, 2026 and December 31, 2025, respectively. The Company uses brokered deposits of select maturities and interest rate structures from time to time to supplement its various funding channels and to manage interest rate risk.

Our deposit balances may fluctuate depending on customer preferences and our relative need for funding. We do not consider our retail certificates of deposit to be guaranteed long-term funding because customers can withdraw their funds at any time with minimal interest penalty. When loan demand trends upward, we can increase rates paid on deposits to attract more deposits and utilize brokered deposits to generate additional funding. The level of competition for deposits in our markets is high. It is our goal to gain deposit market share, particularly checking accounts, in our branch footprint. To accomplish this goal, increasing rates to attract deposits may be necessary, which could negatively impact the Company’s net interest margin.

Our ability to fund growth in future periods may also depend on our ability to continue to access brokered deposits and FHLBank advances. In times when loan demand has outpaced our generation of new deposits, we have utilized brokered deposits and FHLBank advances to fund these loans. These funding sources have been attractive to us because we can create either fixed or variable rate funding, as desired, which more closely matches the interest rate nature of much of our loan portfolio. It also gives us greater flexibility in increasing or decreasing the duration of our funding. While we do not currently anticipate that our ability to access these sources will be reduced or eliminated in future periods, if this should happen, the limitation on our ability to fund additional loans could have a material adverse effect on our business, financial condition and results of operations. See “Results of Operations and Comparison for the Three and Six Months Ended June 30, 2026 and 2025 – Liquidity” below for further information on funding sources.

Securities sold under reverse repurchase agreements with customers. Securities sold under reverse repurchase agreements with customers decreased $8.6 million from $48.5 million at December 31, 2025 to $39.9 million at June 30, 2026. These balances fluctuate over time based on customer demand for this product.

Short-term borrowings and other interest-bearing liabilities. Short term borrowings and other interest-bearing liabilities increased $114.7 million from $330.9 million at December 31, 2025 to $445.6 million at June 30, 2026. The Company’s FHLBank term advances were $-0- at both June 30, 2026 and December 31, 2025. At June 30, 2026 and December 31, 2025, there were $445.0 million and $330.0 million, respectively, in overnight borrowings from the FHLBank, which were included in short term borrowings.

Net Interest Income and Interest Rate Risk Management. Our net interest income may be affected positively or negatively by changes in market interest rates. A large portion of our loan portfolio is tied to one-month SOFR, three-month SOFR or the “prime rate” and adjusts immediately or shortly after the index rate adjusts (subject to the effect of contractual interest rate floors on some of the loans, which are discussed below). We monitor our sensitivity to interest rate changes on an ongoing basis (see “Quantitative and Qualitative Disclosures About Market Risk”).

The current level and shape of the interest rate yield curve poses challenges for interest rate risk management. Prior to its increase of 0.25% in December 2015, the FRB had last changed interest rates in December 2008. This was the first rate increase since September 2006. The FRB also implemented rate increases of 0.25% on eight additional occasions between December 2016 and December 2018, with the Federal Funds rate reaching as high as 2.50%. After December 2018, the FRB paused its rate increases and, in July, September and October 2019, implemented rate decreases of 0.25% on each of those occasions. At December 31, 2019, the Federal Funds rate stood at 1.75%. In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3rd and a 1.00% decrease on March 16th. At December 31, 2021, the Federal Funds rate was 0.25%. In 2022, the FRB implemented rate increases of 0.25%, 0.50%, 0.75%, 0.75%, 0.75%, 0.75% and 0.50% in March, May, June, July, September, November and December 2022, respectively. At December 31, 2022, the Federal Funds rate was 4.50%. In 2023, the FRB implemented rate increases of 0.25%, 0.25%, 0.25% and 0.25% in February, March, May and July 2023, respectively. At December 31, 2023, the Federal Funds rate was 5.50%. In 2024, the FRB implemented rate decreases of 0.50%, 0.25% and 0.25% in September, November, and December, respectively. At December 31, 2024, the Federal Funds rate was 4.50%. In 2025, the FRB implemented rate decreases of 0.25% in each of September, October, and December 2025, respectively. At December 31, 2025, the Federal Funds rate was 3.75%. During the first six months of 2026, there were no changes to the Federal Funds rate. The Federal Funds rate remained at 3.75% at June 30, 2026. Financial markets no longer expect further decreases in Federal Funds interest rates in 2026, and now expect the Federal Funds interest rate to remain steady or to increase modestly by the end of 2026.

Great Southern’s loan portfolio includes loans ($1.68 billion at June 30, 2026) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after June 30, 2026. Nearly all of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($614.3 million at June 30, 2026) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest. Nearly all of these loans had interest rate floors at various rates. At June 30, 2026, nearly all of these SOFR, and “prime rate” loans had fully-indexed rates that were at or above their floor rate and in most cases well above the floor rate.

A rate cut by the FRB generally would be expected to have an immediate negative impact on the Company’s interest income on loans due to the large total balance of loans tied to the SOFR indexes or the “prime rate” index that will be subject to adjustment at least once within 90 days or loans which generally adjust immediately as the Federal Funds rate adjusts. Interest rate floors may at least partially mitigate the negative impact of interest rate decreases. Loans at their floor rates are, however, subject to the risk that borrowers will seek to refinance elsewhere at the lower market rate. In the event of an FRB rate cut, the Company may be limited in its ability to significantly lower its funding costs due to a highly competitive rate environment, although interest rates on assets may decline further. Conversely, market interest rate increases would normally result in increased interest rates on our SOFR-based and prime-based loans, although funding costs may also increase.

As of June 30, 2026, Great Southern’s interest rate risk models indicated that, generally, rising interest rates would be expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates would be expected to have a mostly neutral impact on net interest income. Any negative impact of a falling Federal Funds rate and other market interest rates also falling could be more pronounced if we are not able to decrease non-maturity deposit rates accordingly. We model various interest rate scenarios for rising and falling rates, including both parallel and non-parallel shifts in rates. The results of our modeling indicate that net interest income is not likely to be significantly affected either positively or negatively in the first twelve months following relatively minor changes in interest rates because our portfolios are relatively well matched in a twelve-month horizon.

rates. In a situation where market interest rates decrease significantly in a short period of time, as they did in March 2020, our net interest margin decrease may be more pronounced in the very near term (first one to three months), due to fairly rapid decreases in SOFR interest rates and “prime” interest rates. In the subsequent months, we would expect that net interest margin would stabilize and begin to improve, as renewal interest rates on maturing time deposits decrease.

Beginning in March 2022, market interest rates, including LIBOR interest rates, SOFR interest rates and “prime” interest rates, began to increase rapidly. This resulted in increasing loan yields and expansion of our net interest income and net interest margin throughout 2022 and into the first three months of 2023. In 2023, market interest rate increases moderated and loan yield increases moderated in line with market rates. However, there has been increased competition for deposits and other sources of funding since March 2023, resulting in higher costs for those funds. Deposit and other funding costs moderated some in late 2024 as the FRB cut the federal funds rate. Deposit and other funding costs further moderated in late 2025 as the FRB cut the federal funds rate three times, but competition for deposits remained significant into the first six months of 2026. For further discussion of the processes used to manage our exposure to interest rate risk, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk – How We Measure the Risks to Us Associated with Interest Rate Changes.”

Non-Interest Income and Non-Interest (Operating) Expenses. The Company’s profitability is also affected by the level of its non-interest income and operating expenses. Non-interest income consists primarily of service charges and ATM fees, POS interchange fees, late charges and prepayment fees on loans, gains on sales of loans and available-for-sale investments and other general operating income. Non-interest income may also be affected by the Company’s interest rate derivative activities. See Note 16 “Derivatives and Hedging Activities” in the Notes to Consolidated Financial Statements included in this report.

Operating expenses consist primarily of salaries and employee benefits, occupancy-related expenses, expenses related to foreclosed assets, postage, FDIC deposit insurance, advertising and public relations, telephone, professional fees, office expenses and other general operating expenses. Details of the current period changes in non-interest income and non-interest expense are provided below, under “Results of Operations and Comparison for the Three and Six Months Ended June 30, 2026 and 2025.”

Effect of Federal Laws and Regulations

Federal legislation and regulation significantly affect the operations of the Company and the Bank, and have increased competition among commercial banks, savings institutions, mortgage banking enterprises and other financial institutions. In particular, the capital requirements and operations of regulated banking organizations such as the Company and the Bank have been and will be subject to changes in applicable statutes and regulations from time to time, which changes could, under certain circumstances, adversely affect the Company or the Bank. For additional information, see “Item 1. Business—Government Supervision and Regulation” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Business Initiatives

The Company maintains its focus on technology initiatives and advancements with its current core provider and key partners. These investments in both foundational projects and a heightened customer experience continue to foster an organizational emphasis on innovation and forward progress.

Great Southern launched a partnership with Greenlight, a debit card and financial learning app for kids and teens, in April 2026. The partnership offers a free Greenlight membership to Great Southern customers and is part of the Company’s ongoing efforts to expand both technology and family banking offerings.

Also in April 2026, the Company’s fully redesigned website www.GreatSouthernBank.com, launched. The website, representative of Great Southern’s continued technology investments, offers customers and interested parties an improved online experience with up-to-date content, improved navigation, easier access to financial education information and more.

In June 2026, the Company decided, as part of its regular operational reviews, to consolidate nine banking centers into other existing Great Southern locations and to eliminate a total of 66 staff positions across various Company divisions, including those at the impacted banking centers. These decisions were part of routine business maintenance as the organization evaluated products, services and workforce to align with changing market dynamics. Of the nine consolidating banking centers, one is in Arkansas, one is in Kansas, two are in Iowa and five are in Missouri (three in the Springfield metro area). Affected banking centers are scheduled to close October 1, 2026, except for the Arkansas location, which is scheduled to close September 25, 2026. All staff positions to be eliminated outside of the nine banking centers have an anticipated effective date of September 30, 2026. As a result of these decisions, some related expenses were required to be recorded in the 2026 second quarter financial statements. A list of the affected banking center locations is available on our website www.GreatSouthernBank.com.

The banking center consolidations and the workforce reductions are expected to result in approximately $2.3 - $2.7 million in annual pre-tax income improvement, beginning in the fourth quarter of 2026. This estimate incorporates compensation, facility and other non-interest expense savings, expected to be $4.4 - $4.8 million annually. These expense savings are expected to be partially offset by anticipated customer deposit attrition over time related to the branch closures, resulting in additional interest expense for alternative funding sources along with reduced non-interest income generated from these deposit accounts. If deposit account attrition is ultimately greater than our estimates, it may negatively impact our anticipated annual pre-tax income improvement. At June 30, 2026, total demand deposits at the nine impacted banking centers were approximately $170 million and retail time deposit balances were approximately $25 million.

Also, as part of the organizational evaluation of products and services, Great Southern continues to expand its Live Teller ATM network with four new locations, including its first installations in the Des Moines, Iowa market and a new Great Southern Express-branded location in Ozark, Mo.

The banking center located at 3839 Indian Hills Dr. in Sioux City, Iowa, temporarily closed July 3, 2026, for a complete remodel. This reinvestment will bring a fully refreshed banking center to the Bank’s Sioux City customers, including updated and brightened interiors, updated technology, and the installation of a drive-thru Live Teller ATM offering extended banking hours for customer convenience. During the temporary closure, customers are served by six additional banking centers in the greater Sioux City area, and 15 ATM locations.

Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company currently operates 87 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

Comparison of Financial Condition at June 30, 2026 and December 31, 2025

During the six months ended June 30, 2026, the Company’s total assets decreased by $75.8 million to $5.52 billion. The decrease was primarily due to a decreases in net loans and investment securities.

Cash and cash equivalents were $180.0 million at June 30, 2026, a decrease of $9.6 million, or 5.1%, from $189.6 million at December 31, 2025.

The Company’s available-for-sale securities decreased $20.0 million, or 3.8%, compared to December 31, 2025. This decrease was related to monthly principal payments on investment securities and decreases in market value of the available-for-sale securities. The available-for-sale securities portfolio was 9.1% of total assets at June 30, 2026 and 9.4% of total assets at December 31, 2025.

The Company’s held-to-maturity securities decreased $3.9 million, or 2.2%, compared to December 31, 2025. This decrease was primarily due to monthly payments received related to the portfolio of mortgage-backed securities and collateralized mortgage obligations. The held-to-maturity securities portfolio was 3.2% of total assets at June 30, 2026 and December 31, 2025.

Net loans decreased $49.1 million from December 31, 2025, to $4.31 billion at June 30, 2026. This decrease was primarily in commercial real estate loans ($73.3 million decrease) and other residential (multi-family) loans ($39.9 million decrease), partially offset by an increase in construction loans ($53.2 million increase). The net increase in construction loans primarily related to draws to fund work in progress on existing multi-family and commercial real estate projects. The net decrease in other residential (multi-family) loans and commercial real estate loans was primarily related to a few large loan prepayments in 2026. The pipeline of the unfunded portion of loans and formal loan commitments remained strong at June 30, 2026, with the largest portion of these unfunded balances represented by the unfunded portion of outstanding construction loans ($531.5 million).

Total liabilities decreased $81.3 million from December 31, 2025, to $4.88 billion at June 30, 2026. This decrease was primarily due to a decrease in the balance of brokered deposits and interest-bearing transaction deposit accounts, partially offset by an increase in overnight borrowings from the Federal Home Loan Bank.

Total deposits decreased $180.7 million, or 4.0%, from $4.48 billion at December 31, 2025 to $4.30 billion at June 30, 2026. Transaction account balances decreased $56.0 million, from $3.13 billion at December 31, 2025 to $3.07 billion at June 30, 2026. Total interest-bearing checking accounts decreased $91.8 million while total non-interest-bearing checking accounts increased $35.8 million. Retail certificates of deposit decreased $36.9 million compared to December 31, 2025, to $651.5 million at June 30, 2026, due to increased competition for these types of deposits.

Brokered deposits decreased $87.8 million to $575.6 million at June 30, 2026, compared to $663.4 million at December 31, 2025. The Company elected to utilize FHLBank borrowings as interest rates on new brokered deposits increased because of a high level of competition for those funds. The Company has the capacity to further expand its use of brokered deposits if it chooses to do so. Of the total brokered deposits at June 30, 2026, $300.0 million were floating rate deposits, which adjust daily, based on the effective federal funds rate index. The Company has also utilized brokered deposits with maturities within six months as part of its interest rate risk management strategies.

The Company’s term FHLBank advances were $-0- at both June 30, 2026 and December 31, 2025. At June 30, 2026 and December 31, 2025, there were no borrowings from the FHLBank, other than overnight borrowings, which are included in the short-term borrowings category. The Company may utilize both overnight borrowings and short-term FHLBank advances depending on relative interest rates.

Short-term borrowings and other interest-bearing liabilities increased $114.7 million from $330.9 million at December 31, 2025 to $445.6 million at June 30, 2026. At June 30, 2026, $445.0 million of this total represented overnight borrowings from the FHLBank, which were used to fund loans and to offset decreases in time deposits and brokered deposits, compared to $330.0 million of overnight borrowings from the FHLBank at December 31, 2025.

Securities sold under reverse repurchase agreements with customers decreased $8.6 million, or 17.6%, from $48.5 million at December 31, 2025 to $39.9 million at June 30, 2026. These balances fluctuate over time based on customer demand for this product.

Total stockholders’ equity increased $5.5 million, or 0.9%, from $636.1 million at December 31, 2025 to $641.6 million at June 30, 2026. Stockholders’ equity increased due to net income of $33.3 million for the six months ended June 30, 2026 and an $11.9 million increase in stockholders’ equity due to stock option exercises during the period. Partially offsetting these changes were repurchases of the Company’s common stock totaling $24.8 million and dividends declared on common stock of $9.4 million. Additionally, accumulated other comprehensive loss (a reduction in equity) increased $5.5 million during the six months ended June 30, 2026 (thereby decreasing total stockholders’ equity), primarily due to decreases in the fair value of available-for-sale investment securities and the fair value of cash flow hedges, as a result of increased market interest rates.

Comparison of Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025

General

Net income was $15.8 million for the three months ended June 30, 2026 compared to $19.8 million for the three months ended June 30, 2025. This decrease of $4.0 million, or 20.2%, was primarily due to an increase in non-interest expense of $3.2 million, or 9.2%, a decrease in net interest income of $1.5 million, or 2.9%, a decrease in non-interest income of $837,000, or 10.2%, and an increase in provision for credit losses on unfunded commitments of $118,000, or 107.3%, partially offset by a decrease in income tax expense of $1.7 million, or 36.7%.

Net income was $33.3 million for the six months ended June 30, 2026 compared to $36.9 million for the six months ended June 30, 2025. This decrease of $3.6 million, or 9.9%, was primarily due to an increase in non-interest expense of $3.2 million, or 4.6%, a decrease in net interest income of $2.5 million, or 2.5%, and a decrease in non-interest income of $398,000, or 2.7%, partially offset by an increase in negative provision for credit losses on unfunded commitments of $465,000, or 101.5%, and a decrease in income tax expense of $1.9 million, or 21.9%.

The 2026 results were negatively impacted by non-recurring expenses recorded in the three months ended June 30, 2026, related to the consolidation of nine banking centers and other operational areas. In June 2026, the Company decided to consolidate operations of nine banking centers into other nearby Great Southern banking center locations. See “Business Initiatives” above. Accounting rules require that related costs and expected losses be recorded immediately, while any expected gains are not recorded until realized. Upon evaluating the carrying value and estimated market value of each affected location (all of which are owned facilities), a valuation allowance of $1.4 million was recognized in the three months ended June 30, 2026 related to four of the locations. The Company currently does not expect to ultimately realize losses on the sale of the other five properties and expects the eventual aggregate selling price of all affected properties will exceed the combined carrying value of the affected locations (approximately $12.6 million at June 30, 2026). In addition to the valuation allowance, severance expense of $234,000 was recognized in the three months ended June 30, 2026 related to the termination of 39 employees due to the closure of the nine banking centers.

The Company also announced a limited number of other operational workforce reductions, including the closure of two commercial lending locations. These reductions resulted in the recognition of $327,000 in severance costs related to 27 employees along with $163,000 in remaining lease expense associated with one of the commercial lending locations.

The $2.1 million of expenses outlined above are included in the Consolidated Statements of Income under “Noninterest Expense – Net Occupancy and Equipment Expense” and “Noninterest Expenses – Salaries and employee benefits,” respectively.

For the three months ended June 30, 2026, the Company reported that annualized return on average common equity was 9.83%, annualized return on average assets was 1.12%, annualized net interest margin was 3.76% and the efficiency ratio was 67.21%, compared to 12.81%, 1.34%, 3.68% and 59.16%, respectively, for the quarter ended June 30, 2025.

Excluding the non-recurring expenses referenced above, for the three months ended June 30, 2026, net income was $17.4 million, earnings per diluted common share were $1.57, annualized return on average common equity was 10.82%, annualized return on average assets was 1.24%, and the efficiency ratio was 63.47%. A reconciliation of these non-GAAP calculations is detailed in “Non-GAAP Financial Measures” below.

Total Interest Income

Total interest income decreased $8.5 million, or 10.5%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was due to an $8.1 million, or 11.0%, decrease in interest income on loans and a $370,000, or 5.2%, decrease in interest income on investment securities and other interest-earning assets. Interest income from loans, investment securities and other interest-earning assets decreased during the three months ended June 30, 2026 compared to the same period in 2025 due to lower average balances and average rates of interest.

Total interest income decreased $17.6 million, or 10.9%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was due to a $16.6 million, or 11.3%, decrease in interest income on loans and a $1.0 million, or 7.2%, decrease in interest income on investment securities and other interest-earning assets. Interest income from loans, investment securities and other interest-earning assets decreased during the six months ended June 30, 2026 compared to the same period in 2025 due to lower average balances and average rates of interest.

Interest Income – Loans

During the three months ended June 30, 2026 compared to the three months ended June 30, 2025, interest income on loans decreased $8.1 million. Of the $8.1 million decrease in interest income on loans, $4.2 million was due to a decrease in average yield on loans, from 6.26% during the three months ended June 30, 2025 to 5.89% during the three months ended June 30, 2026. This decrease was primarily because of a reduction in the federal funds rate in the latter portion of 2025, along with the completion of recognition of income from a terminated interest rate swap. The remaining decrease in interest income on loans of $3.9 million was due to lower average loan balances, which fell from $4.73 billion during the three months ended June 30, 2025, to $4.47 billion during the three months ended June 30, 2026. In the first half of 2026, loan originations were somewhat muted, and since June 30, 2025, net loan payoffs were elevated, resulting in a lower average balance of loans receivable compared to the three months ended June 30, 2025.

During the six months ended June 30, 2026 compared to the six months ended June 30, 2025, interest income on loans decreased $16.6 million. Of the $16.6 million decrease in interest income on loans, $8.4 million was due to a decrease in average yield on loans, from 6.24% during the six months ended June 30, 2025 to 5.88% during the six months ended June 30, 2026. This decrease was primarily because of a reduction in the federal funds rate in the latter portion of 2025, along with the completion of recognition of income from a terminated interest rate swap. The remaining decrease in interest income on loans of $8.1 million was due to lower average loan balances, which fell from $4.74 billion during the six months ended June 30, 2025, to $4.47 billion during the six months ended June 30, 2026. The reasons for this decrease are the same as those noted above.

In October 2018, the Company entered into an interest rate swap transaction, which was terminated early, at the Company’s election, in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, was accreted to interest income on loans monthly until the originally scheduled termination date of October 6, 2025, at which point these accretions ceased. There was no further interest income impact related to this swap after that date. The Company recorded interest income related to the interest rate swap of $2.0 million and $4.0 million in the three and six months ended June 30, 2025, respectively.

In July 2022, the Company entered into two additional interest rate swap transactions as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of each swap is $200 million with an effective date of May 1, 2023 and a termination date of May 1, 2028. Under the terms of one swap, the Company receives a fixed rate of interest of 2.628% and pays a floating rate of interest equal to one-month USD-SOFR OIS. Under the terms of the other swap, the Company receives a fixed rate of interest of 5.725% and pays a floating rate of interest equal to one-month USD-Prime. In each case, the floating rate resets monthly and net settlements of interest due to/from the counterparty also occur monthly. To the extent the fixed rate of interest

exceeds the floating rate of interest, the Company receives net interest settlements, which are recorded as loan interest income. If the floating rate of interest exceeds the fixed rate of interest, the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans. The Company recorded a reduction of loan interest income related to these swap transactions of $1.0 million and $1.8 million in the three months ended June 30, 2026 and 2025, respectively. The Company recorded a reduction of loan interest income related to these swap transactions of $2.1 million and $3.5 million in the six months ended June 30, 2026 and 2025, respectively. At June 30, 2026, the USD-Prime rate was 6.75% and the one-month USD-SOFR OIS rate was 3.63179%.

If market interest rates remain near or above their current levels, the Company’s interest rate swaps will continue to have a negative impact on net interest income. Market interest rate decreases will reduce the negative impact of these swaps.

Interest Income – Investments and Other Interest-earning Assets

Interest income on investments decreased $122,000 in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease in interest income on investments was primarily due to a $155,000 decrease in average balances from $727.3 million during the three months ended June 30, 2025, to $709.0 million during the three months ended June 30, 2026. Average balances of securities decreased primarily due to normal monthly payments received related to the portfolio of U.S. Government agency mortgage-backed securities and collateralized mortgage obligations. Partially offsetting this decrease, interest income on investments increased $33,000 as a result of slightly higher average interest rates, from 3.36% during the three months ended June 30, 2025, to 3.38% during the three months ended June 30, 2026.

Interest income on investments decreased $464,000 in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Of the $464,000 decrease in interest income on investments, $277,000 was due to a decrease in average balances from $732.7 million during the six months ended June 30, 2025, to $715.9 million during the six months ended June 30, 2026. Average balances of securities decreased primarily due to normal monthly payments received related to the portfolio of U.S. Government agency mortgage-backed securities and collateralized mortgage obligations. Additionally, interest income on investments decreased $187,000 as a result of slightly lower average interest rates, from 3.35% during the six months ended June 30, 2025, to 3.30% during the six months ended June 30, 2026.

Interest income on other interest-earning assets decreased $248,000 in the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Of the $248,000 decrease, $186,000 was due to a decrease in average interest rates from 4.30% during the three months ended June 30, 2025, to 3.50% during the three months ended June 30, 2026. The decline in the average interest rate was directly attributable to the decrease in the federal funds rate in the latter portion of 2025. Additionally, interest income decreased $62,000 as a result of a decrease in average balances from $97.5 million during the three months ended June 30, 2025, to $91.4 million during the three months ended June 30, 2026, mainly due to the Company’s maintaining modestly lower average balances in its account at the Federal Reserve Bank.

Interest income on other interest-earning assets decreased $573,000 in the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Of the $573,000 decrease in interest income on other interest-earnings assets, $360,000 was due to a decrease in average interest rates from 4.27% during the six months ended June 30, 2025, to 3.50% during the six months ended June 30, 2026. The decline in the average interest rate was directly attributable to the decrease in the federal funds rate in the latter portion of 2025. Additionally, interest income decreased $213,000 as a result of a decrease in average balances from $101.2 million during the six months ended June 30, 2025, to $90.4 million during the six months ended June 30, 2026, due mainly to the Company’s maintaining modestly lower average balances in its account at the Federal Reserve Bank.

Total Interest Expense

Total interest expense decreased $7.0 million, or 23.5%, during the three months ended June 30, 2026, when compared with the three months ended June 30, 2025. Interest expense on deposits decreased $6.5 million, or 26.7%, interest expense on securities sold under reverse repurchase agreements decreased $239,000, or 64.2%, and interest expense on subordinated debentures issued to capital trusts decreased $35,000, or 9.0%. In addition, interest expense on subordinated notes decreased $909,000, or 100.0%, as the notes were fully redeemed in June 2025. Partially offsetting these decreases, interest expense on short-term borrowings increased $646,000, or 16.3%.

Total interest expense decreased $15.1 million, or 24.8%, during the six months ended June 30, 2026, when compared with the six months ended June 30, 2025. Interest expense on deposits decreased $12.8 million, or 26.1%, interest expense on securities sold under reverse repurchase agreements decreased $514,000, or 69.2%, and interest expense on subordinated debentures issued to capital trusts decreased $75,000, or 9.7%. In addition, interest expense on subordinated notes decreased $2.0 million, or 100.0%, as the notes were

fully redeemed in June 2025. Partially offsetting these decreases, interest expense on short-term borrowings increased $258,000, or 3.1%.

Interest Expense – Deposits

Interest expense on demand and savings deposits decreased $1.4 million during the three months ended June 30, 2026, when compared to the three months ended June 30, 2025. Of the $1.4 million decrease in interest expense on demand and savings deposits, $1.2 million was due to a decrease in average rates of interest from 1.40% in the three months ended June 30, 2025 to 1.18% in the three months ended June 30, 2026. Interest rates paid on demand and savings deposits were lower in the 2026 period due to the Company strategically lowering rates throughout the second half of 2025, as market rates decreased. Additionally, the average balance of demand and savings deposits decreased from $2.23 billion in the three months ended June 30, 2025 to $2.18 billion in the three months ended June 30, 2026, resulting in a decrease in interest expense on demand and savings deposits of $149,000.

Interest expense on demand and savings deposits decreased $2.4 million during the six months ended June 30, 2026, when compared to the six months ended June 30, 2025. Average rates of interest decreased from 1.41% in the six months ended June 30, 2025 to 1.20% in the six months ended June 30, 2026, resulting in a $2.4 million decrease in interest expense. In addition, the average balance of demand and savings deposits ($2.22 billion) decreased $7.2 million in the six months ended June 30, 2025 compared to the six months ended June 30, 2026, resulting in a decrease in interest expense on demand and savings deposits of $50,000.

Interest expense on time deposits decreased $1.7 million during the three months ended June 30, 2026 when compared to the three months ended June 30, 2025. Of the $1.7 million decrease in interest expense on time deposits, $936,000 was due to the decrease in average rate from 3.45% in the three months ended June 30, 2025, to 2.92% in the three months ended June 30, 2026. Time deposits renewed or originated at lower rates in 2026 due to decreases in market interest rates in the latter portion of 2025. The average balance of time deposits decreased from $757.6 million during the three months ended June 30, 2025 to $659.7 million in the three months ended June 30, 2026, resulting in a decrease in interest expense of $783,000. A large portion of the Company’s certificate of deposit portfolio matures within six months and therefore reprices fairly quickly; this is consistent with the portfolio term over the past several years. Competition for time deposits remains significant in our market areas, and upon maturity, a portion of these deposits may be redeemed by customers.

Interest expense on time deposits decreased $3.3 million during the six months ended June 30, 2026 when compared to the six months ended June 30, 2025. The average rate of interest on time deposits decreased from 3.49% in the six months ended June 30, 2025, to 2.96% in the six months ended June 30, 2026, resulting in a decrease in interest expense of $1.9 million. The average balance of time deposits decreased from $764.8 million during the six months ended June 30, 2025 to $673.4 million in the six months ended June 30, 2026, resulting in a decrease in interest expense of $1.5 million. As noted above, a large portion of the Company’s certificate of deposit portfolio matures within six months and therefore reprices fairly quickly. Older certificates of deposit that renewed or were replaced with new deposits generally resulted in the Company paying a lower rate of interest compared to the year-ago period.

Interest expense on brokered deposits decreased $3.4 million during the three months ended June 30, 2026 when compared to the three months ended June 30, 2025. The average balance of brokered deposits decreased from $895.3 million during the three months ended June 30, 2025 to $684.5 million during the three months ended June 30, 2026, resulting in a decrease in interest expense of $2.2 million during the period. The Company elected to utilize FHLBank borrowings as interest rates on new brokered deposits increased because of a high level of competition for those funds. Interest expense on brokered deposits decreased $1.3 million due to average rates of interest that decreased from 4.50% in the three months ended June 30, 2025 to 3.89% in the three months ended June 30, 2026. The Company uses brokered deposits of select maturities and interest rate structures from time to time to supplement its various funding channels and to manage interest rate risk. A portion of the Company’s brokered deposits are floating rate, and the rate resets with changes to the effective federal funds rate.

Interest expense on brokered deposits decreased $7.0 million during the six months ended June 30, 2026 when compared to the six months ended June 30, 2025. The average balance of brokered deposits decreased from $894.0 million during the six months ended June 30, 2025 to $682.8 million during the six months ended June 30, 2026, resulting in a decrease in interest expense of $4.3 million during the period. Interest expense on brokered deposits decreased $2.7 million due to average rates of interest that decreased from 4.54% in the six months ended June 30, 2025 to 3.88% in the six months ended June 30, 2026. Brokered deposits added in the second half of 2025 were at lower market rates than brokered deposits previously issued.

Interest Expense – FHLBank Advances; Short-term Borrowings, Repurchase Agreements and Other Interest-bearing Liabilities; Subordinated Debentures Issued to Capital Trusts and Subordinated Notes

FHLBank term advances were not utilized during the three or six months ended June 30, 2026 and 2025. FHLBank overnight borrowings were utilized in both the three and six months ended June 30, 2026 and 2025 and are included in short-term borrowings.

Interest expense on reverse repurchase agreements decreased $239,000 during the three months ended June 30, 2026 when compared to the three months ended June 30, 2025. The average balance of repurchase agreements decreased from $65.6 million in the three months ended June 30, 2025 to $34.9 million in the three months ended June 30, 2026, due to lower interest rates on this product and fluctuations in customers’ desire for this product, resulting in a decrease in interest expense of $141,000 during the period. Interest expense on reverse repurchase agreements decreased $98,000 due to lower average interest rates during the three months ended June 30, 2026 when compared to the three months ended June 30, 2025. The average rate of interest was 2.27% for the three months ended June 30, 2025 compared to 1.53% for the three months ended June 30, 2026, due to changes in the mix of customer balances in these products and overall reductions in market interest rates.

Interest expense on reverse repurchase agreements decreased $514,000 during the six months ended June 30, 2026 when compared to the six months ended June 30, 2025. Interest expense on reverse repurchase agreements decreased $306,000 due to lower average interest rates during the six months ended June 30, 2026 when compared to the six months ended June 30, 2025. The average rate of interest was 2.03% for the six months ended June 30, 2025 compared to 1.26% for the six months ended June 30, 2026, due to changes in the mix of customer balances in these products and overall reductions in market interest rates. The average balance of repurchase agreements decreased from $74.0 million in the six months ended June 30, 2025 to $36.5 million in the six months ended June 30, 2026, due to fluctuations in customers’ desire for this product, resulting in a decrease in interest expense of $208,000 during the period.

Interest expense on short-term borrowings (including overnight borrowings from the FHLBank) and other interest-bearing liabilities increased $646,000 during the three months ended June 30, 2026 when compared to the three months ended June 30, 2025. Interest expense on short-term borrowings (including overnight borrowings from the FHLBank) and other interest-bearing liabilities increased $1.1 million due to a higher average balance during the three months ended June 30, 2026 when compared to the three months ended June 30, 2025. The average balance of short-term borrowings and other interest-bearing liabilities increased from $347.3 million in the three months ended June 30, 2025 to $472.6 million in the three months ended June 30, 2026. The Company chose to utilize more short-term borrowings versus brokered deposits in the 2026 period. Partially offsetting this increase, interest expense on short-term borrowings (including overnight borrowings from the FHLBank) and other interest-bearing liabilities decreased $437,000 due to lower average rates of interest. The average rate of interest on short-term borrowings and other interest-bearing liabilities decreased from 4.59% for the three months ended June 30, 2025 to 3.92% for the three months ended June 30, 2026. Interest rates on borrowings decreased after the federal funds rate was cut by 75 basis points from September to December 2025.

Interest expense on short-term borrowings (including overnight borrowings from the FHLBank) and other interest-bearing liabilities increased $258,000 during the six months ended June 30, 2026 when compared to the six months ended June 30, 2025. Interest expense on short-term borrowings (including overnight borrowings from the FHLBank) and other interest-bearing liabilities increased $877,000 due to a higher average balance during the six months ended June 30, 2026 when compared to the six months ended June 30, 2025. The average balance of short-term borrowings and other interest-bearing liabilities increased from $369.8 million in the six months ended June 30, 2025 to $446.0 million in the six months ended June 30, 2026. The Company chose to utilize more short-term borrowings versus brokered deposits in the 2026 period. Partially offsetting this increase, interest expense on short-term borrowings (including overnight borrowings from the FHLBank) and other interest-bearing liabilities decreased $619,000 due to a lower average rate of interest. The average rate of interest on short-term borrowings and other interest-bearing liabilities decreased from 4.59% for the six months ended June 30, 2025 to 3.93% for the six months ended June 30, 2026, primarily due to reductions in the federal funds rate noted above.

During the three months ended June 30, 2026, compared to the three months ended June 30, 2025, interest expense on subordinated debentures issued to capital trusts decreased $35,000 due to lower average interest rates. The average interest rate was 6.05% in the three months ended June 30, 2025, compared to 5.51% in the three months ended June 30, 2026. The subordinated debentures are variable-rate debentures bearing interest at a rate of three-month SOFR (originally LIBOR), plus 1.60%, adjusted quarterly, which was 5.52% at June 30, 2026. There was no change in the average balance of the subordinated debentures between the 2025 and 2026 three-month periods.

During the six months ended June 30, 2026, compared to the six months ended June 30, 2025, interest expense on subordinated debentures issued to capital trusts decreased $75,000 due to lower average interest rates. The average interest rate was 6.03% in the six months ended June 30, 2025, compared to 5.45% in the six months ended June 30, 2026. The subordinated debentures are variable-

rate debentures, as stated above. There was no change in the average balance of the subordinated debentures between the 2025 and 2026 six-month periods.

In June 2020, the Company issued $75.0 million of 5.50% fixed-to-floating rate subordinated notes due June 15, 2030. The notes were sold at par, resulting in net proceeds, after underwriting discounts and commissions and other issuance costs, of approximately $73.5 million. These issuance costs were amortized over the expected life of the notes, which was five years from the issuance date, impacting the overall interest expense on the notes. On June 15, 2025, the Company redeemed all $75.0 million aggregate principal amount of these subordinated notes. Interest expense on subordinated notes decreased $909,000 and $2.0 million, when compared to the prior-year three- and six-month periods, respectively, due to the redemption of the subordinated notes.

Net Interest Income

Net interest income for the three months ended June 30, 2026 decreased $1.5 million to $49.5 million, compared to $51.0 million for the three months ended June 30, 2025. Net interest margin was 3.76% in the three months ended June 30, 2026, compared to 3.68% in the three months ended June 30, 2025, an increase of eight basis points, or 2.2%. The Company experienced decreases in nearly all interest income and interest expense categories as market interest rates decreased compared to the prior period. Interest income primarily decreased $2.0 million due to the terminated interest rate swap income, which impacted interest income positively in the 2025 period but did not impact the 2026 period.

Net interest income for the six months ended June 30, 2026 decreased $2.5 million to $97.8 million, compared to $100.3 million for the six months ended June 30, 2025. Net interest margin was 3.74% in the six months ended June 30, 2026, compared to 3.63% in the six months ended June 30, 2025, an increase of 11 basis points, or 3.0%. The Company experienced decreases in nearly all interest income and interest expense categories as market interest rates decreased compared to the prior year period. Interest income primarily decreased $4.0 million due to the terminated interest rate swap income, which impacted interest income positively in the 2025 period but did not impact the 2026 period.

The Company’s overall average interest rate spread increased 15 basis points, or 5.0%, from 3.09% during the three months ended June 30, 2025 to 3.24% during the three months ended June 30, 2026, due to a 48 basis point decrease in the weighted average rate paid on interest-bearing liabilities, partially offset by a 33 basis point decrease in the weighted average yield earned on interest-earning assets. In comparing the two periods, the yield on loans decreased 37 basis points, the yield on investment securities increased two basis points and the yield on other interest-earning assets decreased 80 basis points. The rate paid on deposits decreased 49 basis points, the rate paid on reverse repurchase agreements decreased 74 basis points, the rate paid on short-term borrowings and other interest-bearing liabilities decreased 67 basis points and the rate paid on subordinated debentures issued to capital trust decreased 54 basis points. Average interest rates earned on loans and paid on deposits are affected by the mix of the loan and deposit portfolios, the duration of loans and time deposits, the amount of fixed-rate and variable-rate loans and other repricing characteristics.

The Company’s overall average interest rate spread increased 17 basis points, or 5.7%, from 3.05% during the six months ended June 30, 2025 to 3.22% during the six months ended June 30, 2026, due to a 52 basis point decrease in the weighted average rate paid on interest-bearing liabilities, partially offset by a 35 basis point decrease in the weighted average yield earned on interest-earning assets. In comparing the two periods, the yield on loans decreased 36 basis points, the yield on investment securities decreased five basis points and the yield on other interest-earning assets decreased 77 basis points. The rate paid on deposits decreased 50 basis points, the rate paid on reverse repurchase agreements decreased 77 basis points, the rate paid on short-term borrowings and other interest-bearing liabilities decreased 66 basis points and the rate paid on subordinated debentures issued to capital trust decreased 58 basis points.

For additional information on net interest income components, refer to the “Average Balances, Interest Rates and Yields” tables in this Quarterly Report on Form 10-Q.

Provision for and Allowance for Credit Losses

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as changes in underwriting standards, portfolio mix and delinquency level or term, as well as for changes in economic conditions, including but not limited to, changes in the national unemployment rate, commercial real estate price index, consumer sentiment, gross domestic product (GDP) and construction spending.

Challenging or worsening economic conditions from higher inflation or interest rates, COVID-19 and subsequent variant outbreaks or similar events, global unrest or other factors may lead to increased losses in the portfolio and/or requirements for an increase in provision expense. Management maintains various controls in an attempt to identify and limit future losses, such as a watch list of problem loans and potential problem loans, documented loan administration policies and loan review staff to review the quality and anticipated collectability of the portfolio. Additional procedures provide for frequent management review of the loan portfolio based on loan size, loan type, delinquencies, financial analysis, ongoing correspondence with borrowers and problem loan workouts. Management determines which loans are non-homogeneous or collateral-dependent, evaluates risk of loss and makes additional provisions to expense, if necessary, to maintain the allowance at a satisfactory level.

During each of the three and six months ended June 30, 2026 and 2025, the Company did not record a provision expense on its portfolio of outstanding loans. Total net charge offs were $819,000 for the three months ended June 30, 2026, compared to total net recoveries of $111,000 in the three months ended June 30, 2025. Total net charge offs were $806,000 for the six months ended June 30, 2026, compared to total net recoveries of $55,000 in the six months ended June 30, 2025. The provision for losses on unfunded commitments for the three months ended June 30, 2026 was a provision of $8,000, compared to a negative provision of $110,000 for the three months ended June 30, 2025. The provision for losses on unfunded commitments for the six months ended June 30, 2026 was a negative provision of $923,000, compared to a negative provision of $458,000 for the six months ended June 30, 2025. General market conditions and unique circumstances related to specific industries and individual projects contribute to the determination of the levels of provisions and charge-offs in each period.

The Bank’s allowance for credit losses as a percentage of total loans was 1.46% at both June 30, 2026 and December 31, 2025. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at June 30, 2026, based on recent reviews of the Bank’s loan portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit loss may be required, which could adversely impact the Company’s future financial performance.

Non-performing Assets

As a result of changes in loan portfolio composition, changes in economic and market conditions and other factors specific to a borrower’s circumstances, the level of non-performing assets will fluctuate.

At June 30, 2026, non-performing assets were $9.4 million, an increase of $1.3 million from $8.1 million at December 31, 2025. Non-performing assets as a percentage of total assets were 0.17% and 0.15% at June 30, 2026 and December 31, 2025, respectively.

Compared to December 31, 2025, non-performing loans decreased $1.1 million, to $1.0 million at June 30, 2026. Compared to December 31, 2025, foreclosed assets increased $2.4 million to $8.4 million at June 30, 2026.

Non-performing Loans. Activity in the non-performing loans category during the six months ended June 30, 2026 was as follows:


											Transfers to			Transfers to
		Beginning			Additions			Removed			Potential			Foreclosed									Ending
		Balance,			to Non-			from Non-			Problem			Assets and			Charge-						Balance,
		January 1			Performing			Performing			Loans			Repossessions			Offs			Payments			June 30

		(In Thousands)
One- to four-family construction		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Subdivision construction			—			—			—			—			—			—			—			—
Land development			—			—			—			—			—			—			—			—
Commercial construction			—			—			—			—			—			—			—			—
One- to four-family residential			2,066			476			—			—			(643)			—			(909)			990
Other residential (multi-family)			—			2,725			—			—			(1,807)			(909)			(9)			—
Commercial real estate			—			—			—			—			—			—			—			—
Commercial business			—			36			—			—			—			—			—			36
Consumer			28			—			—			—			—			(17)			(4)			7
Total non-performing loans		$	2,094		$	3,237		$	—		$	—		$	(2,450)		$	(926)		$	(922)		$	1,033

At June 30, 2026, the non-performing one- to four-family residential category included seven loans, five of which were added in the six months ended June 30, 2026. The largest relationship in the one- to four-family residential category totaled $386,000, or 39.0% of the category, at June 30, 2026. This relationship was added to non-performing loans in 2024 and is collateralized by a single-family residential property in southern Iowa. During the six months ended June 30, 2026, non-performing one- to four-family residential loans experienced a loan pay-off of $821,000, and one relationship totaling $643,000 was transferred to foreclosed assets. During the six months ended June 30, 2026, a single loan totaling $1.8 million which had been collateralized by an apartment in eastern Iowa was also transferred from the non-performing other residential (multi-family) category to foreclosed assets. Prior to the transfer to foreclosed assets, the Company recorded a loan charge-off of $909,000, based upon an updated independent appraisal of the asset. The non-performing consumer category included two loans at June 30, 2026.

Potential Problem Loans. Potential problem loans decreased $233,000, to $1.2 million at June 30, 2026 from $1.4 million at December 31, 2025. Potential problem loans are loans which management has identified through routine internal review procedures as having possible credit problems that may cause the borrowers difficulty in complying with the current repayment terms. These loans are not reflected in non-performing assets.

Activity in the potential problem loans category during the six months ended June 30, 2026 was as follows:


								Removed						Transfers to
		Beginning			Additions			from			Transfers to			Foreclosed						Loan			Ending
		Balance,			to Potential			Potential			Non-			Assets and			Charge-			Advances			Balance,
		January 1			Problem			Problem			Performing			Repossessions			Offs			(Payments)			June 30

		(In Thousands)
One- to four-family construction		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Subdivision construction			—			—			—			—			—			—			—			—
Land development			—			—			—			—			—			—			—			—
Commercial construction			—			—			—			—			—			—			—			—
One- to four-family residential			1,179			64			(177)			(79)			—			—			(131)			856
Other residential (multi-family)			—			—			—			—			—			—			—			—
Commercial real estate			—			—			—			—			—			—			—			—
Commercial business			—			14			—			—			—			—			(2)			12
Consumer			211			187			—			—			(5)			(7)			(97)			289
Total potential problem loans		$	1,390		$	265		$	(177)		$	(79)		$	(5)		$	(7)		$	(230)		$	1,157

At June 30, 2026, the one- to four-family residential category of potential problem loans included 12 loans, three of which were added to potential problem loans in the six months ended June 30, 2026. The largest relationship in this category totaled $256,000, or 29.9% of the total category, and is collateralized by a single-family residential property in the St. Louis area. The consumer category of potential problem loans included 18 loans, eight of which were added during the six months ended June 30, 2026.

Other Real Estate Owned and Repossessions. All of the $8.4 million of other real estate owned and repossessions at June 30, 2026 were acquired through foreclosure.

Activity in foreclosed assets and repossessions during the six months ended June 30, 2026 was as follows:


		Beginning						ORE and						ORE and			Ending
		Balance,						Repossession			Capitalized			Repossession			Balance,
		January 1			Additions			Sales			Costs			Write-Downs			June 30

		(In Thousands)
One- to four-family construction		$	—		$	—		$	—		$	—		$	—		$	—
Subdivision construction			—			—			—			—			—			—
Land development			—			—			—			—			—			—
Commercial construction			—			—			—			—			—			—
One- to four-family residential			—			643			(643)			—			—			—
Other residential (multi-family)			—			1,807			—			—			—			1,807
Commercial real estate			6,025			—			(61)			582			(4)			6,542
Commercial business			—			—			—			—			—			—
Consumer			11			22			(22)			—			—			11
Total foreclosed assets and repossessions		$	6,036		$	2,472		$	(726)		$	582		$	(4)		$	8,360

At June 30, 2026, the commercial real estate category of foreclosed assets consisted of one foreclosed property totaling $6.5 million, which is an office building located in Clayton, Missouri and was foreclosed upon in the fourth quarter of 2024. In the six months ended June 30, 2026, the Company capitalized $582,000 in improvements to the property. As mentioned in previous filings, the Company reported that it expected such improvements to ultimately cost approximately $3 million and take several months to complete. It is expected that these additional costs will be incurred and capitalized on this asset during the remainder of 2026. The majority of this expenditure represents the addition of fire suppression sprinklers throughout the building and other significant improvements. Based on an independent valuation (which utilized sales and current market rents in the area for similarly improved buildings), the Company does not currently anticipate any loss on this asset and decided to move forward with implementing these improvements. At June 30, 2026, the other residential (multi-family) category, totaling $1.8 million, consisted of one relationship that was transferred from non-performing loans in the current period. This asset, mentioned above in the non-performing loans discussion, consisted of an apartment complex in eastern Iowa. The borrower was no longer in compliance with their loan agreement and, ultimately, the property was placed into foreclosure. The Company expects that it will make significant repairs and improvements to this property. The improvements are expected to cost approximately $800,000 and take several months to complete. The Company expects to capitalize these expenditures, which were contemplated as part of the charge-off analysis when the asset was transferred to foreclosed assets. The one- to four-family residential category of foreclosed assets previously included one property consisting of a condominium in the Sarasota, Fla. area, which was added during the three months ended March 31, 2026. This property was sold in the three months ended June 30, 2026, with the Company realizing a small gain on the sale. The additions and sales in the consumer category were due to the volume of repossessions of automobiles, which generally are subject to a shorter repossession process.

Loans Categorized as “Watch” and “Special Mention”

The Company reviews the credit quality of its loan portfolio using an internal grading system that classifies loans as “Satisfactory,” “Watch,” “Special Mention,” “Substandard” and “Doubtful.” Multiple loan reviews take place on a continuous basis by credit risk and lending management. Reviews are focused on financial performance, occupancy trends, delinquency status, covenant compliance, collateral support, economic considerations and various other factors. See Note 6 for further discussion of the Company’s loan grading system.

Loans classified as “Watch” are being monitored due to indications of potential weaknesses or deficiencies that may require future reclassification as special mention or substandard. Loans classified as “Watch” increased $178,000, from $20.5 million at December 31, 2025 to $20.6 million at June 30, 2026, primarily due to the addition of one loan totaling $3.9 million that is secured by a retail facility located in northeastern Ohio. The loan was downgraded due to vacancies in the facility. This increase was partially offset by the repayment in full of a loan relationship totaling $3.1 million. Of the total loans included in the “Watch” category at June 30, 2026, the largest relationship totaled $10.1 million and is collateralized by a senior residential healthcare facility in Florida.

While loans classified as “Special Mention” are not adversely classified, they are deserving of management’s close attention to ensure repayment prospects or the credit position of the assets do not deteriorate and expose the institution to elevated risk to warrant adverse classification at a future date. In the six months ended June 30, 2026, loans classified as “Special Mention” increased $1.5 million, to $36.3 million, primarily due to the repurchase of one participated loan relationship after a significant payment was made by the borrower. The Company now holds the entire relationship balance of $31.5 million. This relationship is collateralized by a multi-family housing project in Denver, Colorado. This increase was partially offset by the repayment in full of a loan relationship totaling $5.2 million.

Non-interest Income

For the three months ended June 30, 2026, non-interest income decreased $837,000, to $7.4 million, compared to the three months ended June 30, 2025, primarily as a result of the following items:

Other income: Other income decreased $897,000, or 47.6%, compared to the prior-year period. In the three months ended June 30, 2025, the Company recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships, which was not repeated in the 2026 period.

Commissions: Commissions income increased $230,000, or 56.0%, from the prior-year period. The increase was due to annuity sales that were 94% higher in the 2026 period compared to the 2025 period. Yields on these products have been attractive to many of our customers.

For the six months ended June 30, 2026, non-interest income decreased $398,000, to $14.4 million, compared to the six months ended June 30, 2025, primarily as a result of the following items:

Other income: Other income decreased $727,000, or 24.7%, compared to the prior-year period, for the same reasons noted above.

Commissions: Commissions income increased $583,000, or 86.6%, from the prior-year period. The increase was due to annuity sales that were higher in the 2026 period compared to the 2025 period.

Non-interest Expense

For the three months ended June 30, 2026, non-interest expense increased $3.2 million, to $38.2 million, compared to the three months ended June 30, 2025, primarily as a result of the following items:

Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $2.2 million, or 26.7%, from the prior-year period. In June 2026, the Company decided to consolidate operations of nine banking centers into other nearby Great Southern banking center locations and close one leased facility which served as the Company’s Omaha, Neb. loan production office. The Company evaluated the carrying value of the affected owned premises (totaling approximately $12.6 million) to determine if any impairment of the value of these premises was warranted and recorded a valuation allowance of $1.4 million related to certain affected premises, furniture, fixtures and equipment of the owned locations at June 30, 2026. During the three months ended June 30, 2026, the Company also recorded expenses totaling $163,000 related to contractual future lease payments for the Omaha leased lending facility. For additional information on these consolidations, see “Business Initiatives.”

Additionally, various components of computer license and support expenses, related to upgrades of core systems capabilities and disaster recovery site, collectively increased by $333,000 in the three months ended June 30, 2026 compared to the 2025 period.

Salaries and employee benefits: Salaries and employee benefits increased $686,000, or 3.4%, from the prior-year period. The increase was primarily due to the Company recording $561,000 in expenses related to severance pay for employees affected by the consolidations in banking centers and other operational areas. See “Business Initiatives.”

For the six months ended June 30, 2026, non-interest expense increased $3.2 million, to $73.0 million, compared to the six months ended June 30, 2025, primarily as a result of the following items:

Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $2.6 million, or 15.2%, from the prior-year period. This increase was primarly due to the decision to consolidate operations of nine banking centers discussed above. Additionally, various components of computer license and support expenses, related to upgrades of core systems capabilities and disaster recovery site, collectively increased by $673,000 in the six months ended June 30, 2026 compared to the same period in 2025.

Salaries and employee benefits: Salaries and employee benefits increased $628,000, or 1.6%, from the prior-year period, for the same reasons noted above.

Legal, audit and other professional fees: Legal, audit and other professional fees decreased $310,000, or 15.8%, from the prior-year period, to $1.7 million. In the six months ended June 30, 2026, the Company recovered $261,000 in previously expensed legal fees pursuant to an insurance reimbursement related to a multi-family residential loan.

The Company’s efficiency ratio for the three months ended June 30, 2026, was 67.21% compared to 59.16% for the same period in 2025. The Company’s efficiency ratio for the six months ended June 30, 2026, was 65.06% compared to 60.67% for the same period in 2025. The Company’s ratio of non-interest expense to average assets was 2.72% and 2.60% for the three and six months ended June 30, 2026, respectively, compared to 2.37% and 2.35% for the three and six months ended June 30, 2025, respectively. Average assets for the three months ended June 30, 2026, decreased $298.6 million, or 5.0%, compared to the three months ended June 30, 2025, primarily due to the decline in the average balance of net loans.

Provision for Income Taxes

For the three months ended June 30, 2026 and 2025, the Company’s effective tax rate was 15.3% and 18.5%, respectively. For the six months ended June 30, 2026 and 2025, the Company’s effective tax rate was 17.1% and 19.2%, respectively. These effective rates were below the statutory federal tax rate of 21.0%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans. The effective rates in the 2026 periods also decreased due to a higher-than-normal level of deductions related to the significant amount of stock option exercises by the Company’s employees. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 19.5% in future periods.

Average Balances, Interest Rates and Yields

The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net loan fees included in interest income were $1.2 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively. Net loan fees included in interest income were $2.0 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The tables do not reflect any effect of income taxes.


	June 30,		Three Months Ended								Three Months Ended
	2026		June 30, 2026								June 30, 2025
	Yield/		Average						Yield/		Average						Yield/
	Rate		Balance			Interest			Rate		Balance			Interest			Rate

	(Dollars in Thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential	4.39	%	$	785,845		$	8,611		4.40	%	$	822,283		$	8,750		4.27	%
Other residential (multi-family)	6.23			1,319,178			20,688		6.29			1,565,447			27,281		6.99
Commercial real estate	6.02			1,538,995			23,199		6.05			1,489,015			23,082		6.22
Construction	6.21			469,176			7,433		6.35			480,254			8,617		7.20
Commercial business(1)	5.81			178,472			3,023		6.79			208,119			3,517		6.78
Other loans	6.21			181,982			2,732		6.02			167,548			2,583		6.18

Total loans receivable	5.80			4,473,648			65,686		5.89			4,732,666			73,830		6.26

Investment securities(1)	3.22			709,009			5,977		3.38			727,336			6,099		3.36
Interest-earning deposits in other banks	3.63			91,392			798		3.50			97,463			1,046		4.30

Total interest-earning assets	5.43			5,274,049			72,461		5.51			5,557,465			80,975		5.84
Non-interest-earning assets:
Cash and cash equivalents				94,498								100,289
Other non-earning assets				247,571								256,923
Total assets			$	5,616,118							$	5,914,677

Interest-bearing liabilities:
Interest-bearing demand and savings	1.19		$	2,182,530			6,423		1.18		$	2,225,933			7,791		1.40
Time deposits	2.95			659,741			4,802		2.92			757,608			6,521		3.45
Brokered deposits	3.83			684,484			6,636		3.89			895,340			10,056		4.50
Total deposits	1.97			3,526,755			17,861		2.03			3,878,881			24,368		2.52
Securities sold under reverse repurchase agreements	1.55			34,900			133		1.53			65,607			372		2.27
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	3.97			472,564			4,620		3.92			347,303			3,974		4.59
Subordinated debentures issued to capital trusts	5.52			25,774			354		5.51			25,774			389		6.05
Subordinated notes	—			—			—		—			62,631			909		5.82

Total interest-bearing liabilities	2.21			4,059,993			22,968		2.27			4,380,196			30,012		2.75
Non-interest-bearing liabilities:
Demand deposits				859,352								849,862
Other liabilities				53,725								66,585
Total liabilities				4,973,070								5,296,643
Stockholders’ equity				643,048								618,034
Total liabilities and stockholders’ equity			$	5,616,118							$	5,914,677

Net interest income:						$	49,493							$	50,963
Interest rate spread	3.22	%							3.24	%							3.09	%
Net interest margin*									3.76	%							3.68	%
Average interest-earning assets to average interest-bearing liabilities				129.9	%							126.9	%

* Defined as the Company’s net interest income divided by total average interest-earning assets.

(1)

Of the total average balances of investment securities, average tax-exempt investment securities were $51.0 million and $51.9 million for the three months ended June 30, 2026 and 2025, respectively. In addition, average tax-exempt loans and industrial revenue bonds were $8.9 million and $9.7 million for the three months ended June 30, 2026 and 2025, respectively. Interest income on tax-exempt assets included in this table was $511,000 and $610,000 for the three months ended June 30, 2026 and 2025, respectively. Interest income net of disallowed interest expense related to tax-exempt assets was $248,000 and $523,000 for the three months ended June 30, 2026 and 2025, respectively.


		June 30,		Six Months Ended								Six Months Ended
		2026		June 30, 2026								June 30, 2025
		Yield/		Average						Yield/		Average						Yield/
		Rate		Balance			Interest			Rate		Balance			Interest			Rate

		(Dollars in Thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential		4.39	%	$	784,137		$	16,996		4.37	%	$	826,426		$	17,318		4.23	%
Other residential (multi-family)		6.23			1,350,667			42,220		6.30			1,555,881			53,731		6.96
Commercial real estate		6.02			1,544,527			45,988		6.00			1,499,665			46,096		6.20
Construction		6.21			436,986			13,799		6.37			485,392			17,270		7.17
Commercial business(1)		5.81			178,149			5,987		6.78			209,944			7,339		7.05
Other loans		6.21			178,909			5,356		6.04			166,989			5,147		6.22

Total loans receivable		5.80			4,473,375			130,346		5.88			4,744,297			146,901		6.24

Investment securities(1)		3.22			715,891			11,709		3.30			732,699			12,173		3.35
Interest-earning deposits in other banks		3.63			90,441			1,571		3.50			101,238			2,144		4.27

Total interest-earning assets		5.43			5,279,707			143,626		5.48			5,578,234			161,218		5.83
Non-interest-earning assets:
Cash and cash equivalents					96,086								100,537
Other non-earning assets					247,025								259,692
Total assets				$	5,622,818							$	5,938,463

Interest-bearing liabilities:
Interest-bearing demand and savings		1.19		$	2,216,555			13,154		1.20		$	2,223,716			15,588		1.41
Time deposits		2.95			673,399			9,897		2.96			764,791			13,235		3.49
Brokered deposits		3.83			682,760			13,147		3.88			893,983			20,145		4.54
Total deposits		1.97			3,572,714			36,198		2.04			3,882,490			48,968		2.54
Securities sold under reverse repurchase agreements		1.55			36,522			229		1.26			73,957			743		2.03
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		3.97			446,007			8,682		3.93			369,849			8,424		4.59
Subordinated debentures issued to capital trusts		5.52			25,774			696		5.45			25,774			771		6.03
Subordinated notes		—			—			—		—			68,741			2,015		5.91

Total interest-bearing liabilities		2.21			4,081,017			45,805		2.26			4,420,811			60,921		2.78
Non-interest-bearing liabilities:
Demand deposits					847,290								835,888
Other liabilities					50,914								68,961
Total liabilities					4,979,221								5,325,660
Stockholders’ equity					643,597								612,803
Total liabilities and stockholders’ equity				$	5,622,818							$	5,938,463

Net interest income:							$	97,821							$	100,297
Interest rate spread		3.22	%							3.22	%							3.05	%
Net interest margin*										3.74	%							3.63	%
Average interest-earning assets to average interest-bearing liabilities					129.4	%							126.2	%

* Defined as the Company’s net interest income divided by total average interest-earning assets.

(1)

Of the total average balances of investment securities, average tax-exempt investment securities were $51.4 million and $53.5 million for the six months ended June 30, 2026 and 2025, respectively. In addition, average tax-exempt loans and industrial revenue bonds were $9.1 million and $9.8 million for the six months ended June 30, 2026 and 2025, respectively. Interest income on tax-exempt assets included in this table was $1.0 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively. Interest income net of disallowed interest expense related to tax-exempt assets was $496,000 and $981,000 for the six months ended June 30, 2026 and 2025, respectively.

Rate/Volume Analysis

The following tables present the dollar amounts of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities for the periods shown. For each category of interest-earning assets and interest-bearing liabilities, information is provided on changes attributable to (i) changes in rate (i.e., changes in rate multiplied by old volume) and (ii) changes in volume (i.e., changes in volume multiplied by old rate). For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately to volume and rate. Tax-exempt income was not calculated on a tax equivalent basis.


		Three Months Ended June 30,
		2026 vs. 2025
		Increase (Decrease)						Total
		Due to						Increase
		Rate			Volume			(Decrease)

		(Dollars in Thousands)
Interest-earning assets:
Loans receivable		$	(4,218)		$	(3,926)		$	(8,144)
Investment securities			33			(155)			(122)
Interest-earning deposits in other banks			(186)			(62)			(248)
Total interest-earning assets			(4,371)			(4,143)			(8,514)
Interest-bearing liabilities:
Demand deposits			(1,219)			(149)			(1,368)
Time deposits			(936)			(783)			(1,719)
Brokered deposits			(1,256)			(2,164)			(3,420)
Total deposits			(3,411)			(3,096)			(6,507)
Securities sold under reverse repurchase agreements			(98)			(141)			(239)
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities			(437)			1,083			646
Subordinated debentures issued to capital trust			(35)			—			(35)
Subordinated notes			—			(909)			(909)
Total interest-bearing liabilities			(3,981)			(3,063)			(7,044)
Net interest income		$	(390)		$	(1,080)		$	(1,470)


		Six Months Ended June 30,
		2026 vs. 2025
		Increase (Decrease)						Total
		Due to						Increase
		Rate			Volume			(Decrease)

		(Dollars in Thousands)
Interest-earning assets:
Loans receivable		$	(8,410)		$	(8,145)		$	(16,555)
Investment securities			(187)			(277)			(464)
Interest-earning deposits in other banks			(360)			(213)			(573)
Total interest-earning assets			(8,957)			(8,635)			(17,592)
Interest-bearing liabilities:
Demand deposits			(2,384)			(50)			(2,434)
Time deposits			(1,862)			(1,476)			(3,338)
Brokered deposits			(2,667)			(4,331)			(6,998)
Total deposits			(6,913)			(5,857)			(12,770)
Securities sold under reverse repurchase agreements			(306)			(208)			(514)
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities			(619)			877			258
Subordinated debentures issued to capital trust			(75)			—			(75)
Subordinated notes			—			(2,015)			(2,015)
Total interest-bearing liabilities			(7,913)			(7,203)			(15,116)
Net interest income		$	(1,044)		$	(1,432)		$	(2,476)

Liquidity

Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner through either the sale or maturity of existing assets or the acquisition of additional funds through liability management. These obligations include the credit needs of customers, funding deposit withdrawals, and the day-to-day operations of the Company. Liquid assets include cash, interest-bearing deposits with financial institutions and certain investment securities and loans. As a result of the Company’s ability to generate liquidity primarily through liability funding, management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ withdrawals and meet its borrowers’ credit needs. At June 30, 2026, the Company had commitments of approximately $66.1 million to fund loan originations, $1.06 billion of unused lines of credit and unadvanced loans, and $19.0 million of outstanding letters of credit.

Loan commitments and the unfunded portion of loans at the dates indicated were as follows (In Thousands):


	June 30,		March 31,		December 31,		December 31,		December 31,			December 31,
	2026		2026		2025		2024		2023			2022
Closed non-construction loans with unused available lines
Secured by real estate (one- to four-family)	$	214,597	$	214,107	$	208,229	$	205,599	$	203,964		$	199,182
Secured by real estate (not one- to four-family)		—		—		—		—		—			—
Not secured by real estate - commercial business		106,290		106,024		114,568		106,621		82,435			104,452

Closed construction loans with unused available lines
Secured by real estate (one- to four-family)		116,195		119,231		112,684		94,501		101,545			100,669
Secured by real estate (not one- to four-family)		531,842		530,756		624,025		703,947		719,039			1,444,450

Loan commitments not closed
Secured by real estate (one- to four-family)		22,937		19,194		14,113		14,373		12,347			16,819
Secured by real estate (not one- to four-family)		49,139		24,053		19,412		53,660		48,153			157,645
Not secured by real estate - commercial business		33,940		35,762		38,262		22,884		11,763			50,145

	$	1,074,940	$	1,049,127	$	1,131,293	$	1,201,585	$	1,179,246		$	2,073,362

The Company’s primary sources of funds are customer deposits, brokered deposits, short-term borrowings at the FHLBank, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities, and funds provided from operations. The Company utilizes some or all these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. The Company has also utilized both fixed-rate and floating-rate brokered deposits of varying terms, as well as overnight FHLBank borrowings.

At June 30, 2026 and December 31, 2025, the Company had the following available secured lines and on-balance sheet liquidity:


	June 30,			December 31,
	2026			2025
Federal Home Loan Bank line	$	1,234.0 million		$	1,320.6 million
Federal Reserve Bank line		319.6 million			305.2 million
Cash and cash equivalents		180.0 million			189.6 million
Unpledged securities – Available-for-sale		339.9 million			338.5 million
Unpledged securities – Held-to-maturity		23.4 million			24.4 million

Statements of Cash Flows. During the six months ended June 30, 2026 and 2025, the Company had positive cash flows from operating activities, positive cash flows from investing activities and negative cash flows from financing activities.

Cash flows from operating activities for the periods covered by the Statements of Cash Flows were primarily related to changes in accrued and deferred assets, credits and other liabilities, the provision for credit losses, depreciation and amortization, realized gains on sales of loans and the amortization of deferred loan origination fees and discounts (premiums) on loans and investments, all of which are non-cash or non-operating adjustments to operating cash flows. Net income adjusted for non-cash and non-operating items and the sale of loans originated for sale were the primary sources of cash flows from operating activities. Operating activities provided cash of $27.3 million and $54.3 million during the six months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2026 and 2025, investing activities provided cash of $56.6 million and $170.9 million, respectively. Investing activities in the 2026 period provided cash primarily due to net decreases in outstanding loan balances and principal payments received on investment securities, partially offset by the redemption of Federal Home Loan Bank stock. Investing activities in the 2025 period provided cash primarily due to net decreases in outstanding loan balances and principal payments received on investment securities.

Changes in cash flows from financing activities during the periods covered by the Statements of Cash Flows were due primarily to changes in deposits after interest credited and changes in short-term borrowings, as well as advances from borrowers for taxes and insurance, dividend payments to stockholders and repurchases of the Company’s common stock. During the six months ended June 30, 2026 and 2025, financing activities used cash of $93.5 million and $175.1 million, respectively. In the 2026 period, financing activities used cash primarily as a result of net decreases in checking, time, and brokered deposits, repurchases of the Company’s common stock and dividends paid to stockholders, partially offset by net increases in short-term borrowings and stock options exercised. In the 2025 period, financing activities used cash primarily as a result of repayments of FRB borrowings and subordinated notes, repurchases of the Company’s common stock and dividends paid to stockholders, partially offset by net increases in time deposits, checking deposits and short-term borrowings.

Capital Resources

Management continuously reviews the capital position of the Company and the Bank to ensure compliance with minimum regulatory requirements, as well as to explore ways to increase capital either by retained earnings or other means.

At June 30, 2026, the Company’s total stockholders’ equity was $641.6 million, or 11.6% of total assets, equivalent to a book value of $58.95 per common share. As of December 31, 2025, total stockholders’ equity was $636.1 million, or 11.4% of total assets, equivalent to a book value of $57.50 per common share. At June 30, 2026, the Company’s tangible common equity to tangible assets ratio was 11.5%, compared to 11.2% at December 31, 2025 (See Non-GAAP Financial Measures below).

Included in stockholders’ equity at June 30, 2026 and December 31, 2025, were unrealized losses (net of taxes) on the Company’s available-for-sale investment securities totaling $30.3 million and $27.6 million, respectively. This change in net unrealized losses primarily resulted from increases in short-term market interest rates during the six months ended June 30, 2026, which generally decreased the fair value of the Company’s investment securities.

Also included in stockholders’ equity at June 30, 2026 and December 31, 2025, were unrealized loss (net of taxes) on the Company’s two outstanding cash flow hedges (interest rate swaps) totaling $7.0 million and $4.2 million, respectively. This change in net unrealized losses during the six months ended June 30, 2026, primarily resulted from increased short-term market interest rates, which generally decrease the fair value of these cash flow hedges.

As noted above, total stockholders’ equity increased $5.5 million, from $636.1 million at December 31, 2025 to $641.6 million at June 30, 2026. Total stockholders’ equity increased due to net income of $33.3 million in the six months ended June 30, 2026 and an $11.9 million increase in stockholders’ equity during that period due to stock option exercises. Partially offsetting these items were repurchases of the Company’s common stock during the six months ended June 30, 2026 totaling $24.8 million and dividends declared on common stock during that period of $9.4 million. Stockholders’ equity also decreased due to an increase in accumulated other comprehensive loss of $5.5 million primarily due to decreases in the fair value of cash flow hedges and available-for-sale investment securities mainly because of an increase in market interest rates during the 2026 period.

The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $17.4 million and $16.6 million at June 30, 2026 and December 31, 2025 respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes), at June 30, 2026 and December 31, 2025, they would have decreased total stockholder’s equity at those dates by $13.1 million and $12.5 million, respectively. These amounts were equal to 2.0% of total stockholders’ equity of $641.6 million at June 30, 2026 and $636.1 million at December 31, 2025.

Banks are required to maintain minimum risk-based capital ratios. These ratios compare capital, as defined by the risk-based regulations, to assets adjusted for their relative risk as defined by the regulations. Under current guidelines, banks must have a minimum common equity Tier 1 capital ratio of 4.50%, a minimum Tier 1 risk-based capital ratio of 6.00%, a minimum total risk-based capital ratio of 8.00%, and a minimum Tier 1 leverage ratio of 4.00%. To be considered “well capitalized,” banks must have a minimum common equity Tier 1 capital ratio of 6.50%, a minimum Tier 1 risk-based capital ratio of 8.00%, a minimum total risk-based capital ratio of 10.00%, and a minimum Tier 1 leverage ratio of 5.00%. At June 30, 2026, the Bank’s common equity Tier 1 capital ratio was 13.3%, its Tier 1 risk-based capital ratio was 13.3%, its total risk-based capital ratio was 14.6% and its Tier 1 leverage ratio was 11.3%. As a result, as of June 30, 2026, the Bank was well capitalized, with capital ratios in excess of those

required to qualify as such. At December 31, 2025, the Bank’s common equity Tier 1 capital ratio was 13.0%, its Tier 1 capital ratio was 13.0%, its total capital ratio was 14.3% and its Tier 1 leverage ratio was 11.3%. As a result, as of December 31, 2025, the Bank was well capitalized, with capital ratios in excess of those required to qualify as such.

The FRB has established capital regulations for bank holding companies that generally parallel the capital regulations for banks. At June 30, 2026, the Company’s common equity Tier 1 capital ratio was 14.0%, its Tier 1 capital ratio was 14.6%, its total capital ratio was 15.8% and its Tier 1 leverage ratio was 12.4%. At December 31, 2025, the Company’s common equity Tier 1 capital ratio was 13.6%, its Tier 1 capital ratio was 14.1%, its total capital ratio was 15.3% and its Tier 1 leverage ratio was 12.2%.

In addition to the minimum common equity Tier 1 capital ratio, Tier 1 risk-based capital ratio and total risk-based capital ratio, the Company and the Bank have to maintain a capital conservation buffer consisting of additional common equity Tier 1 capital greater than 2.5% of risk-weighted assets above the required minimum levels in order to avoid limitations on paying dividends, repurchasing shares, and paying discretionary bonuses. At June 30, 2026 and December 31, 2025, both the Company and the Bank had a capital conservation buffer that exceeded the required minimum levels.

Dividends. During the three months ended June 30, 2026, the Company declared a common stock cash dividend of $0.43 per share, or 30% of net income per diluted common share for that three-month period and paid a common stock cash dividend of $0.43 per share (which was declared in March 2026). During the three months ended June 30, 2025, the Company declared a common stock cash dividend of $0.40 per share, or 23% of net income per diluted common share for that three-month period and paid a common stock cash dividend of $0.40 per share (which was declared in March 2025). During the six months ended June 30, 2026, the Company declared common stock cash dividends totaling $0.86 per share, or 29% of net income per diluted common share for that six-month period and paid common stock cash dividends totaling $0.86 per share. During the six months ended June 30, 2025, the Company declared common stock cash dividends totaling $0.80 per share, or 25% of net income per diluted common share for that six-month period and paid common stock cash dividends totaling $0.80 per share. The Board of Directors meets regularly to consider the level and timing of dividend payments. The $0.43 per share dividend declared but unpaid as of June 30, 2026, was paid to stockholders in July 2026.

Common Stock Repurchases and Issuances. The Company has been in various buy-back programs since May 1990. During the three months ended June 30, 2026, the Company repurchased 114,624 shares of its common stock at an average price of $68.39 per share and issued 125,221 shares of common stock at an average price of $54.17 per share to cover stock option exercises. During the three months ended June 30, 2025, the Company repurchased 175,998 shares of its common stock at an average price of $55.11 per share and issued 7,320 shares of common stock at an average price of $45.67 per share to cover stock option exercises.

During the six months ended June 30, 2026, the Company repurchased 383,288 shares of its common stock at an average price of $64.29 per share and issued 205,480 shares of common stock at an average price of $52.89 per share to cover stock option exercises. During the six months ended June 30, 2025, the Company repurchased 349,342 shares of its common stock at an average price of $56.73 per share and issued 22,327 shares of common stock at an average price of $47.38 per share to cover stock option exercises.

In April 2025, the Company’s Board of Directors approved a new program to repurchase shares of the Company’s outstanding common stock. The stock repurchase program authorizes the purchase, from time to time in open market or privately negotiated transactions, of up to one million additional shares of the Company’s common stock. This program does not have an expiration date. At June 30, 2026, approximately 304,000 shares remained available under the latest stock repurchase authorization.

Management has utilized stock buy-back programs from time to time when it believed that doing so would contribute to the overall growth of stockholder value. The number of shares that will be repurchased at any particular time and the prices that will be paid are subject to many factors, several of which are outside of the control of the Company. The primary factors typically include the number of shares available in the market from sellers at any given time, the market price of the stock and the projected impact on the Company’s earnings per share and capital.

Non-GAAP Financial Measures

This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”), including the ratio of tangible common equity to tangible assets and information excluding one-time branch consolidation and severance costs, specifically, net income, earnings per diluted common share, annualized return on average common equity, annualized return on average assets and efficiency ratio.

In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides

useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.

Management believes that the presentation of certain measures excluding one-time branch consolidation and severance costs provides useful supplemental information that is helpful in understanding our core operating performance when comparing periods.

These non-GAAP financial measurements are supplemental and not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.

Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets


	June 30,			December 31,
	2026			2025

	(Dollars in Thousands)
Common equity at period end	$	641,597		$	636,126
Less: Intangible assets at period end		9,444			9,660
Tangible common equity at period end (a)	$	632,153		$	626,466

Total assets at period end	$	5,522,824		$	5,598,606
Less: Intangible assets at period end		9,444			9,660
Tangible assets at period end (b)	$	5,513,380		$	5,588,946

Tangible common equity to tangible assets (a) / (b)		11.47	%		11.21	%

Non-GAAP Reconciliation: Exclusion of One-Time Branch Consolidation and Severance Costs


		Three Months Ended
		June 30, 2026
		(Dollars in thousands)

Reported net income at period end		$	15,795
Plus: One-time consolidation and severance costs			2,120
Less: Tax adjustment related to consolidation and severance costs			(521)
Non-GAAP net income		$	17,394

Reported non-interest expense		$	38,222
Less: One-time consolidation and severance costs			(2,120)
Non-GAAP non-interest expense		$	36,102

Non-GAAP annualized return on average common equity
Definition: Non-GAAP net income (annualized) divided by average common equity			10.82	%

Non-GAAP annualized return on average assets
Definition: Non-GAAP net income (annualized) divided by average total assets			1.24	%

Non-GAAP efficiency ratio
Definition: Non-GAAP non-interest expense divided by the sum of net interest income and non-interest income			63.47	%

Non-GAAP earnings per common diluted share
Definition: Non-GAAP net income divided by average diluted shares outstanding		$	1.57

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Asset and Liability Management and Market Risk

A principal operating objective of the Company is to produce stable earnings by achieving a favorable interest rate spread that can be sustained during fluctuations in prevailing interest rates. The Company has sought to reduce its exposure to adverse changes in interest rates by attempting to achieve a closer match between the periods in which its interest-bearing liabilities and interest-earning assets can be expected to reprice through the origination of adjustable-rate mortgages and loans with shorter terms to maturity and the purchase of other short-term interest-earning assets.

Our Risk When Interest Rates Change

The rates of interest we earn on assets and pay on liabilities generally are established contractually for a period of time. Market interest rates change over time. Accordingly, our results of operations, like those of other financial institutions, are impacted by changes in interest rates and the interest rate sensitivity of our assets and liabilities. The risk associated with changes in interest rates and our ability to adapt to these changes is known as interest rate risk and is our most significant market risk.

How We Measure the Risk to Us Associated with Interest Rate Changes

In an attempt to manage our exposure to changes in interest rates and comply with applicable regulations, we monitor Great Southern’s interest rate risk. In monitoring interest rate risk, we regularly analyze and manage assets and liabilities based on their payment streams and interest rates, the timing of their maturities and their sensitivity to actual or potential changes in market interest rates.

The ability to maximize net interest income is largely dependent upon the achievement of a positive interest rate spread that can be sustained despite fluctuations in prevailing interest rates. Interest rate sensitivity is a measure of the difference between amounts of interest-earning assets and interest-bearing liabilities which either reprice or mature within a given period of time. The difference, or the interest rate repricing “gap,” provides an indication of the extent to which an institution’s interest rate spread will be affected by changes in interest rates. A gap is considered positive when the amount of interest-rate sensitive assets exceeds the amount of interest-rate sensitive liabilities repricing during the same period and is considered negative when the amount of interest-rate sensitive liabilities exceeds the amount of interest-rate sensitive assets during the same period. Generally, during a period of rising interest rates, a negative gap within shorter repricing periods would adversely affect net interest income, while a positive gap within shorter repricing periods would result in an increase in net interest income. During a period of falling interest rates, the opposite would be true. As of June 30, 2026, Great Southern’s interest rate risk models indicated that, generally, rising interest rates are expected to have a modestly positive impact on the Company’s net interest income, while declining interest rates are expected to have a mostly neutral impact on net interest income. Any negative impact of a falling Federal Funds rate and other market interest rates also falling could be more pronounced if we are not able to decrease non-maturity deposit rates accordingly. We model various interest rate scenarios for rising and falling rates, including both parallel and non-parallel shifts in rates. The results of our modeling indicate that net interest income is not likely to be significantly affected either positively or negatively in the first twelve months following relatively minor changes in interest rates because our portfolios are relatively well matched in a twelve-month horizon.

In a situation where market interest rates increase significantly in a short period of time, our net interest margin increase may be more pronounced in the very near term (first one to three months), due to fairly rapid increases in SOFR interest rates (which replaced LIBOR interest rates) and “prime” interest rates. In a situation where market interest rates decrease significantly in a short period of time, as they did in March 2020, our net interest margin decrease may be more pronounced in the very near term (first one to three months), due to fairly rapid decreases in SOFR interest rates and “prime” interest rates. In the subsequent months, we would expect that net interest margin would stabilize and begin to recover, as renewal interest rates on maturing time deposits decrease compared to the then-current rates paid on those products. During 2020, we experienced some compression of our net interest margin due to the Federal Funds rate being cut by 2.25% from July 2019 through March 2020. Margin compression primarily resulted from changes in the asset mix, mainly the addition of lower-yielding assets and the issuance of subordinated notes during 2020, and net interest margin remained lower than our historical average in 2021. LIBOR/SOFR interest rates decreased significantly in 2020 and remained very low in 2021 and into the first three months of 2022, putting pressure on loan yields, and strong pricing competition for loans and deposits remained in most of our markets. After March 2022, market interest rates increased fairly rapidly. This increased loan yields and expanded our net interest income and net interest margin in the latter half of 2022 and the first three months of 2023. While market interest rate increases are expected to result in increases in loan yields, we expect that much of this benefit will be offset by increased funding costs, including changes in the funding mix, as experienced in 2023 and much of 2024. Market interest rate decreases began in late 2024, with a short series of Federal Funds rate cuts. Another short series of Federal Funds rate cuts followed in late 2025. These rate cuts have not had a material negative impact on our net interest margin through June 30, 2026.

As of June 30, 2026, time deposit maturities (including brokered time deposits) over the next 12 months were as follows: within three months — $630.7 million, with a weighted-average rate of 3.38%; within three to six months — $263.2 million, with a weighted-average rate of 3.10%; and within six to twelve months — $25.5 million, with a weighted-average rate of 1.40%. Based on time deposit market rates in June 2026, replacement rates for maturing time deposits originated through our retail branch system are likely to be approximately 2.70-3.20%, depending on term. Brokered time deposit rates were generally at or above 3.90% at the end of June 2026.

The current level and shape of the interest rate yield curve pose challenges for interest rate risk management. Prior to its increase of 0.25% on December 16, 2015, the FRB had last changed interest rates on December 16, 2008. This was the first rate increase since September 29, 2006. The FRB also implemented rate increases of 0.25% on eight additional occasions between December 2016 and December 2018, with the Federal Funds rate reaching as high as 2.50%. After December 2018, the FRB paused its rate increases and, in July, September and October 2019, implemented rate decreases of 0.25% on each of those occasions. At December 31, 2019, the Federal Funds rate stood at 1.75%. In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3, 2020 and a 1.00% decrease on March 16, 2020. At December 31, 2021, the Federal Funds rate was 0.25%. In 2022, the FRB implemented rate increases of 0.25%, 0.50%, 0.75%, 0.75%, 0.75%, 0.75% and 0.50% in March, May, June, July, September, November and December 2022, respectively. At December 31, 2022, the Federal Funds rate was 4.50%. In 2023, the FRB implemented rate increases of 0.25%, 0.25%, 0.25% and 0.25% in February, March, May and July 2023, respectively. At December 31, 2023, the Federal Funds rate was 5.50%. In 2024, the FRB implemented rate decreases of 0.50%, 0.25%, and 0.25% in September, November and December, respectively. At December 31, 2024, the Federal Funds rate was 4.50%. In 2025, the FRB implemented rate decreases of 0.25% in each of September, October and December, respectively. At December 31, 2025, the Federal Funds rate was 3.75%, and remained there at June 30, 2026. Financial markets no longer expect further decreases in Federal Funds interest rates in 2026, and now expect the Federal Funds interest rate to remain steady or to increase modestly by the end of 2026.

Great Southern’s loan portfolio includes loans ($1.68 billion at June 30, 2026) tied to various SOFR indexes that will be subject to adjustment at least once within 90 days after June 30, 2026. Nearly all of these loans have interest rate floors at various rates. Great Southern also has a portfolio of loans ($614.3 million at June 30, 2026) tied to a “prime rate” of interest that will adjust immediately or within 90 days of a change to the “prime rate” of interest. Nearly all of these loans had interest rate floors at various rates. At June 30, 2026, nearly all of these SOFR and “prime rate” loans had fully-indexed rates that were at or above their floor rate and in most cases well above the floor rate.

Interest rate risk exposure estimates (the sensitivity gap) are not exact measures of an institution’s actual interest rate risk. They are only indicators of interest rate risk exposure produced in a simplified modeling environment designed to allow management to gauge the Bank’s sensitivity to changes in interest rates. They do not necessarily indicate the impact of general interest rate movements on the Bank’s net interest income because the repricing of certain categories of assets and liabilities is subject to competitive and other factors beyond the Bank’s control. As a result, certain assets and liabilities indicated as maturing or otherwise repricing within a stated period may in fact mature or reprice at different times and in different amounts and cause a change, which could be material, in the Bank’s interest rate risk.

In order to minimize the potential for adverse effects of material and prolonged increases and decreases in interest rates on Great Southern’s results of operations, Great Southern has adopted asset and liability management policies to better match the maturities and repricing terms of Great Southern’s interest-earning assets and interest-bearing liabilities. Management recommends and the Board of Directors sets the asset and liability policies of Great Southern, which are implemented by the Asset and Liability Committee. The Asset and Liability Committee is chaired by the Chief Financial Officer and is comprised of members of Great Southern’s senior management. The purpose of the Asset and Liability Committee is to communicate, coordinate and control asset/liability management consistent with Great Southern’s business plan and board-approved policies. The Asset and Liability Committee establishes and monitors the volume and mix of assets and funding sources, taking into account relative costs and spreads, interest rate sensitivity and liquidity needs. The objectives are to manage assets and funding sources to produce results that are consistent with liquidity, capital adequacy, growth, risk and profitability goals. The Asset and Liability Committee meets on a monthly basis to review, among other things, economic conditions and interest rate outlook, current and projected liquidity needs and capital positions and anticipated changes in the volume and mix of assets and liabilities. At each meeting, the Asset and Liability Committee recommends appropriate strategy changes based on this review. The Chief Financial Officer or his designee is responsible for reviewing and reporting on the effects of the policy implementations and strategies to the Board of Directors at their monthly meetings.

In order to manage its assets and liabilities and achieve the desired liquidity, credit quality, interest rate risk, profitability and capital targets, Great Southern has focused its strategies on originating loans with adjustable rates or loans with fixed rates that mature in less than five years, and managing its deposits and borrowings to establish stable relationships with both retail customers and wholesale funding sources.

At times, depending on the level of general interest rates, the relationship between long- and short-term interest rates, market conditions and competitive factors, we may determine to increase our interest rate risk position somewhat in order to maintain or increase our net interest margin.

The Asset and Liability Committee regularly reviews interest rate risk by forecasting the impact of alternative interest rate environments on net interest income and market value of portfolio equity, which is defined as the net present value of an institution’s existing assets, liabilities and off-balance sheet instruments, and evaluating such impacts against the maximum potential changes in net interest income and market value of portfolio equity that are authorized by the Board of Directors of Great Southern.

In the normal course of business, the Company may use derivative financial instruments (primarily interest rate swaps) from time to time to assist in its interest rate risk management. In 2011, the Company began executing interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. These interest rate derivatives result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions.

In July 2022, the Company entered into two interest rate swap transactions as part of its ongoing interest rate management strategies to hedge the risk of its floating rate loans. The notional amount of each swap is $200 million with an effective date of May 1, 2023 and a termination date of May 1, 2028. Under the terms of one swap, the Company receives a fixed rate of interest of 2.628% and pays a floating rate of interest equal to one-month USD-SOFR OIS. Under the terms of the other swap, the Company receives a fixed rate of interest of 5.725% and pays a floating rate of interest equal to one-month USD-Prime. In each case, the floating rate resets monthly and net settlements of interest due to/from the counterparty also occur monthly. To the extent the fixed rate of interest exceeds the floating rate of interest, the Company receives net interest settlements, which are recorded as loan interest income. If the floating rate of interest exceeds the fixed rate of interest (as it does currently), the Company pays net settlements to the counterparty and records those net payments as a reduction of interest income on loans.

ITEM 4. CONTROLS AND PROCEDURES

We maintain a system of disclosure controls and procedures (as defined in Rule 13(a)-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) that is designed to provide reasonable assurance that information required to be disclosed by us in the reports that we file under the Exchange Act is recorded, processed, summarized and reported accurately and within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate. An evaluation of our disclosure controls and procedures was carried out as of June 30, 2026, under the supervision and with the participation of our principal executive officer, principal financial officer and several other members of our senior management. Our principal executive officer and principal financial officer concluded that, as of June 30, 2026, our disclosure controls and procedures were effective in ensuring that the information we are required to disclose in the reports we file or submit under the Act is (i) accumulated and communicated to our management (including the principal executive officer and principal financial officer) to allow timely decisions regarding required disclosure, and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We do not expect that our internal control over financial reporting will prevent all errors and all fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns in controls or procedures can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

In the normal course of business, the Company and its subsidiaries are subject to pending and threatened legal actions, some of which seek substantial relief or damages. While the ultimate outcome of such legal proceedings cannot be predicted with certainty, after reviewing pending and threatened litigation with counsel, management believes at this time that the outcome of such litigation will not have a material adverse effect on the Company’s business, financial condition or results of operations.

One litigation matter in which the Bank is defendant was previously set for trial in the third quarter of 2025. The trial was postponed and has not yet been rescheduled. The court required the plaintiffs to file an amended petition, which they did in October 2025. The Bank has responded to the amended petition by filing a motion to dismiss on various grounds. The plaintiffs then filed an objection to the Bank’s motion to dismiss, but the court has not yet scheduled a hearing on the motion. The plaintiffs allege a breach of fiduciary duty in this matter. At this stage of the proceeding, it is not possible to predict the outcome. However, the Bank believes it will prevail in this matter, and further believes that any loss should be indemnified, in whole or in part, or shared by others.

Item 1A. Risk Factors

There have been no material changes to the risk factors set forth in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In April 2025, the Company’s Board of Directors authorized management to repurchase up to 1,000,000 shares of the Company’s outstanding common stock, under a program of open market purchases or privately negotiated transactions. This program does not have an expiration date. The authorization of this program became effective in August 2025, upon completion of the Company’s previously authorized repurchase program.

From time to time, the Company may utilize a pre-arranged trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 to repurchase its shares under its repurchase programs.

The following table reflects the Company’s repurchase activity during the three months ended June 30, 2026.


						Total Number of		Maximum Number
	Total Number		Average			Shares Purchased		of Shares that May
	of Shares		Price			as Part of Publicly		Yet Be Purchased
	Purchased		Per Share			Announced Plan		Under the Plan(1)

April 1, 2026 – April 30, 2026	41,400		$	65.97		41,400		377,406
May 1, 2026 – May 31, 2026	63,853			69.51		63,853		313,553
June 1, 2026 – June 30, 2026	9,371			71.44		9,371		304,182
	114,624		$	68.39		114,624

(1)	Amount represents the number of shares available to be repurchased as of the last calendar day of the month shown.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

Trading Plans

During the three months ended June 30, 2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

Exhibits

Exhibit No.	Description

(2)	Plan of acquisition, reorganization, arrangement, liquidation, or succession

	(i)	The Purchase and Assumption Agreement, dated as of March 20, 2009, among Federal Deposit Insurance Corporation, Receiver of TeamBank, N.A., Paola, Kansas, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on March 26, 2009 is incorporated herein by reference as Exhibit 2.1(i).

	(ii)	The Purchase and Assumption Agreement, dated as of September 4, 2009, among Federal Deposit Insurance Corporation, Receiver of Vantus Bank, Sioux City, Iowa, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on September 11, 2009 is incorporated herein by reference as Exhibit 2.1(ii).

	(iii)	The Purchase and Assumption Agreement, dated as of October 7, 2011, among Federal Deposit Insurance Corporation, Receiver of Sun Security Bank, Ellington, Missouri, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1(iii) to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 is incorporated herein by reference as Exhibit 2(iii).

	(iv)	The Purchase and Assumption Agreement, dated as of April 27, 2012, among Federal Deposit Insurance Corporation, Receiver of Inter Savings Bank, FSB, Maple Grove, Minnesota, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1(iv) to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 is incorporated herein by reference as Exhibit 2(iv).

	(v)	The Purchase and Assumption Agreement All Deposits, dated as of June 20, 2014, among Federal Deposit Insurance Corporation, Receiver of Valley Bank, Moline, Illinois, Federal Deposit Insurance Corporation and Great Southern Bank, previously filed with the Commission (File No. 000-18082) as Exhibit 2.1(v) to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 is incorporated herein by reference as Exhibit 2(v).

(3)	Articles of incorporation and Bylaws

	(i)	The Registrant’s Charter previously filed with the Commission as Appendix D to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 31, 2004 (File No. 000-18082), is incorporated herein by reference as Exhibit 3.1.

	(ii)	The Registrant’s Bylaws, previously filed with the Commission (File No. 000-18082) as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on October 19, 2007, are incorporated herein by reference as Exhibit 3.2.

(4)	Instruments defining the rights of security holders, including indentures

	The description of the Registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, previously filed with the Commission (File no. 000-18082) as Exhibit 4 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019, is incorporated herein by reference.

	The Indenture, dated June 12, 2020, between the Registrant and U.S. Bank National Association, as Trustee, previously filed with the Commission (File No. 000-18082) as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on June 12, 2020, is incorporated herein by reference as Exhibit 4.1.

	The First Supplemental Indenture, dated June 12, 2020, between the Registrant and U.S. Bank National Association, as Trustee (relating to the Registrant’s 5.50% Fixed-to-Floating Rate Subordinated Notes due June 15, 2030), including the form of subordinated note included therein, previously filed with the Commission (File No. 000-18082) as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on June 12, 2020, is incorporated herein by reference as Exhibit 4.2.

		The Registrant hereby agrees to furnish the SEC upon request, copies of the instruments defining the rights of the holders of each other issue of the Registrant’s long-term debt.

(9)		Voting trust agreement

		Inapplicable.

(10)		Material contracts

		The Amended and Restated Employment Agreement, dated November 4, 2019, between the Registrant and William V. Turner previously filed with the Commission (File No. 000-18082) as Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019, is incorporated herein by reference as Exhibit 10.3.*

		Amendment No. 1, dated as of November 17, 2021, to the Amended and Restated Employment Agreement, dated as of November 4, 2019, between the Registrant and William V. Turner, previously filed with the Commission (File No. 000-18082) as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on November 22, 2021, is incorporated herein by reference as Exhibit 10.3A.*

		The Amended and Restated Employment Agreement, dated November 4, 2019, between the Registrant and Joseph W. Turner previously filed with the Commission (File No. 000-18082) as Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period fiscal year ended September 30, 2019, is incorporated herein by reference as Exhibit 10.4.*

		Amendment No. 1, dated as of March 5, 2020, to the Amended and Restated Employment Agreement with Joseph W. Turner previously filed with the Commission (File No. 000-18082) as Exhibit 10.4A to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 is incorporated herein by reference as Exhibit 10.4A.*

		Amendment No. 2, dated as of November 17, 2021, to the Amended and Restated Employment Agreement, dated as of November 4, 2019, between the Registrant and Joseph W. Turner, previously filed with the Commission (File No. 000-18082) as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on November 22, 2021, is incorporated herein by reference as Exhibit 10.4B.*

		A description of the current salary and bonus arrangements for 2026 for the Registrant’s executive officers previously filed with the Commission as Exhibit 10.7 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 is incorporated herein by reference as Exhibit 10.7.*

		A description of the current fee arrangements for the Registrant’s directors previously filed with the Commission as Exhibit 10.8 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 is incorporated herein by reference as Exhibit 10.8.*

		The Registrant’s 2013 Equity Incentive Plan previously filed with the Commission (File No. 000 18082) as Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on April 4, 2013, is incorporated herein by reference as Exhibit 10.10.*

		The form of incentive stock option award agreement under the Registrant’s 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.2 to the Registrant’s Registration Statement on Form S 8 (No. 333 189497) filed on June 20, 2013 is incorporated herein by reference as Exhibit 10.11.*

		The form of non-qualified stock option award agreement under the Registrant’s 2013 Equity Incentive Plan previously filed with the Commission as Exhibit 10.3 to the Registrant’s Registration Statement on Form S 8 (No. 333 189497) filed on June 20, 2013 is incorporated herein by reference as Exhibit 10.12.*

		The Registrant’s 2018 Omnibus Incentive Plan previously filed with the Commission (File No. 000-18082) as Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 27, 2018, is incorporated herein by reference as Exhibit 10.15.*

		The form of incentive stock option award agreement under the Registrant’s 2018 Omnibus Incentive Plan previously filed with the Commission as Exhibit 10.2 to the Registrant’s Registration Statement on Form S-8 (File No. 333-225665) filed on June 15, 2018 is incorporated herein by reference as Exhibit 10.16.*

		The form of non-qualified stock option award agreement under the Registrant’s 2018 Omnibus Incentive Plan previously filed with the Commission as Exhibit 10.3 to the Registrant’s Registration Statement on Form S-8 (File No. 333-225665) filed on June 15, 2018 is incorporated herein by reference as Exhibit 10.17.*

		The Registrant’s 2022 Omnibus Incentive Plan previously filed with the Commission (File No. 000-18082) as Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 31, 2022, is incorporated herein by reference as Exhibit 10.18.*

		The form of incentive stock option award agreement under the Registrant’s 2022 Omnibus Incentive Plan previously filed with the Commission as Exhibit 99.2 to the Registrant’s Registration Statement on Form S-8 (File No. 333-265683) filed on June 17, 2022 is incorporated herein by reference as Exhibit 10.19.*

		The form of non-qualified stock option award agreement under the Registrant’s 2022 Omnibus Incentive Plan previously filed with the Commission as Exhibit 99.3 to the Registrant’s Registration Statement on Form S-8 (File No. 333-265683) filed on June 17, 2022 is incorporated herein by reference as Exhibit 10.20.*

		The Registrant’s 2026 Omnibus Incentive Plan previously filed with the Commission (File No. 000-18082) as Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 31, 2026, is incorporated herein by reference as Exhibit 10.21.*

		The form of incentive stock option award agreement under the Registrant’s 2026 Omnibus Incentive Plan previously filed with the Commission as Exhibit 99.2 to the Registrant’s Registration Statement on Form S-8 (File No. 333-296748) filed on June 12, 2026, is incorporated herein by reference as Exhibit 10.22.*

		The form of non-qualified stock option award agreement under the Registrant’s 2026 Omnibus Incentive Plan previously filed with the Commission as Exhibit 99.3 to the Registrant’s Registration Statement on Form S-8 (File No. 333-296748) filed on June 12, 2026, is incorporated herein by reference as Exhibit 10.23.*

		The form of Executive Officer Stock Option Alternative Cash Payment Election Form previously filed with the Commission as Exhibit 10.21 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, is incorporated herein by reference as Exhibit 10.24.*

(15)		Letter re unaudited interim financial information

		Inapplicable.

(18)		Letter re change in accounting principles

		Inapplicable.

(23)		Consents of experts and counsel

		Inapplicable.

(24)		Power of attorney

		None.

(31.1)		Rule 13a-14(a) Certification of Chief Executive Officer

		Attached as Exhibit 31.1

(31.2)		Rule 13a-14(a) Certification of Treasurer

		Attached as Exhibit 31.2

(32)		Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

		Attached as Exhibit 32.

(99)		Additional Exhibits

		None.

(101)		Attached as Exhibit 101 are the following financial statements from the Great Southern Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated statements of financial condition, (ii) consolidated statements of income, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of cash flows and (v) notes to consolidated financial statements.

(104)		Cover Page Interactive Data File formatted in Inline XBRL (contained in Exhibit 101).

		* Management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Great Southern Bancorp, Inc.

Date: August 7, 2026	/s/ Joseph W. Turner
	Joseph W. Turner President and Chief Executive Officer (Principal Executive Officer)

Date: August 7, 2026	/s/ Rex A. Copeland
	Rex A. Copeland Treasurer (Principal Financial and Accounting Officer)